A Minor Change in the Terms of a Contract Does

question 62

True/False

A minor change in the terms of a contract does not constitute a counteroffer.

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Definitions:

Utility Function

Represents a mathematical model in economics which shows preferences over a set of goods and services, depicting satisfaction levels of consumers.

Probability

The measure of the likelihood that an event will occur, often expressed as a number between 0 and 1.

Utility Function

A mathematical representation of how consumer preferences over a set of goods and services translate into choices given their budget constraint.

Probability

Probability measures the likelihood of a particular outcome or event occurring, expressed as a number between 0 and 1.