A Model ________

question 72

Multiple Choice

A model ________.

• A) is often based on simplifying assumptions that are not necessarily true
• B) can be tested without data or statistics
• C) is a more complex representation of reality than a theory
• D) can never be used to predict the future, but it helps explain the past

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Definitions:

Usage of Trade

Customary practices and standards within a particular industry or market that are considered legally binding in commercial transactions.

Exclusive Remedy

A sole solution or legal recourse available to a party under a contract in the event of a breach, often limiting other forms of legal action.

Remedies Agreed Upon

Refers to solutions or compensations for breach of contract that both parties have consented to in advance.

Essential Purpose

The fundamental intent or main objective behind a legal document or agreement.