Explain and Give an Example of the Following Three Judgment

question 78

Essay

Explain and give an example of the following three judgment shortcuts as they impact decision making; overconfidence bias,anchoring bias,confirmation bias.

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Definitions:

Equitable Remedy

Remedies granted by courts in situations where monetary damages are inadequate, including injunctions and specific performance, based on principles of fairness.

Breach of Contract

The act of not executing any part of a contract, be it written or oral, without an acceptable legal excuse.

Contract

A legally binding agreement between two or more parties, which outlines obligations and rights related to a particular arrangement or deal.

Automatic Weaving Machine

A mechanical device that automates the process of weaving textiles, reducing manual labor and increasing production efficiency.