In Contract Law,an Agreement Means There Is a Mutual Understanding

question 180

Multiple Choice

In contract law,an agreement means there is a mutual understanding between the parties as to the substance of the contract.This agreement between the parties is reached through:

• A)negotiation and deliberation
• B)communication of conditions
• C)revocation or rejection
• D)rejection and counteroffer
• E)offer and acceptance

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Definitions:

Pairwise Majority Voting

A voting system where candidates are compared in pairs, with each pair being voted on separately, to determine the most preferred option by majority decision.

Condorcet Paradox

A situation in social choice theory where collective preferences can be cyclic (i.e., not transitive), even if the individual preferences within the group are rational and transitive. It highlights the complexity of voting systems and decision making.

Individual Preferences

The personal likes or dislikes of an individual, which influence their decisions and behavior.

Social Preferences

Social Preferences indicate how individuals’ decision-making is influenced by the welfare of others, beyond self-interest.