Which of the Following Sets of Concepts (As Discussed in Chapter

question 19

Multiple Choice

Which of the following sets of concepts (as discussed in Chapter 11) represent ways in which the terms of a contract can be varied without the supply of fresh consideration?

• A)rescission and waiver
• B)release and waiver
• C)release and novation
• D)variation, waiver, and novation
• E)waiver, release, and rescission

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Definitions:

Experiments

Empirical procedures carried out in controlled conditions to verify the validity of hypotheses or determine the efficacy of something previously untried.

Random Events

Outcomes or occurrences that are unpredictable and determined entirely by chance.

Probability

The measure of the likelihood that an event will occur, quantified as a number between 0 and 1, with 1 indicating certainty.

Tree Diagram

A diagram used to show the total number of possible outcomes in a probability experiment.