In Your Own Words, Define and Explain Each of the Following

question 20

Essay

In your own words, define and explain each of the following terms and concepts:
a. the null hypothesis
b. Type I (alpha) error
c. Sampling distribution
d. One-tailed test

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Definitions:

Implied Contract

A contract that arises not from words of agreement but from the conduct of the parties.

Express Contract

A contract in which all the terms are clearly set forth in either written or spoken words.

Bilateral Contract

An agreement in which both parties make promises to perform certain acts or refrain from performing certain acts.

Plain-Meaning Rule

A rule of interpretation which states that words in a contract should be given their ordinary meaning.