Explain the Difference Between an Optimization and Satisficing Model

question 50

Essay

Explain the difference between an optimization and satisficing model.

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Definitions:

Condition Subsequent

A condition in a contract that, if it occurs, can end the contract or modify its terms after the contract has been executed.

Sale Or Return

A commercial arrangement where goods are provided to a buyer or reseller who has the option to return unsold items within a specified period instead of purchasing them.

Accord And Satisfaction

A legal agreement between parties to settle a dispute by agreeing on a payment that is different from the original obligation.

Novation

The process of replacing an obligation to perform with a new obligation or substituting a new party to an agreement.