A Binding Promise May Be Defined As

question 20

Multiple Choice

A binding promise may be defined as:

• A) one made by parties whose words are "intended to be meaningful"
• B) one that is enforced by tort law
• C) one that is written and "sealed"
• D) one that may be enforced by law in case of breach
• E) one that is written in the presence of an attorney

---

Definitions:

Heuristics

The brain’s low-energy mental shortcuts for making decisions. They are “fast and frugal” and work well in most situations but in other situations result in systematic errors.

Behavioral Economics

An area of economic research that examines how psychological, cognitive, emotional, cultural, and social factors affect the economic decisions of individuals and institutions.

Neoclassical Economics

An approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

Behavioral Economics

A field of economics that studies how psychological, cognitive, emotional, cultural, and social factors affect economic decisions.