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Taylor and Mitchell (1997) investigated why adults systematically exaggerated circularity and concluded that it was because:
Transaction
The act of conducting business or completing an exchange of goods, services, or funds between two or more parties.
Express Condition
An express condition is a specific, clearly stated requirement within a contract that must be fulfilled for the obligations of the contract to be performed.
Implied Covenant
An unspoken legal promise or guarantee, assumed to be included in a contract or transaction.
Good Faith
Acting with honesty and without intent to defraud or seek an unfair advantage, particularly in contractual or negotiation settings.
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