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The Implicit Contract Is the Most Formal Contract Format

question 36

True/False

The implicit contract is the most formal contract format.


Definitions:

Background

A set of circumstances or facts that surround a particular event or situation.

Group Membership

The state of being part of a collective or organization with shared interests or goals, emphasizing belonging and identity.

Homogamy

The practice or tendency for individuals to marry others who share similar characteristics, such as socio-economic status, values, or ethnicity.

Open System

A social system with ample opportunities to move from one class to another.

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