If an Obligee Promises to Accept a Stated Performance in Satisfaction

question 39

True/False

If an obligee promises to accept a stated performance in satisfaction of the obligor's existing contractual duty, this creates an accord.

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Definitions:

Regret Aversion

A theory in behavioral economics that describes the emotional reaction people experience after realizing they have made an error in judgment, leading them to avoid making decisions.

Money Illusion

Money illusion is a cognitive bias where people misjudge the value of money in terms of its purchasing power, typically neglecting the effects of inflation or deflation.

Representativeness Heuristic

A cognitive bias in decision-making where the likelihood of an event is estimated based on how similar it is to the typical case.

Narrow Framing

Making decisions without considering all implications or by overly focusing on a narrow set of factors.