Judgments That Are Systematically Different from What a Person Should

question 30

Multiple Choice

Judgments that are systematically different from what a person should conclude based on logic or probability are known as _______,whereas mental shortcuts that make decision-making easier and faster but often lead to less accurate decisions are known as ________.

• A)heuristics; biases
• B)cognitive vulnerabilities; biases
• C)biases; heuristics
• D)biases; cognitive vulnerabilities

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Definitions:

Binding Contract

An agreement between two or more parties that is legally enforceable.

Consideration

The value (which could be in the form of money, goods, services, or a promise) exchanged between parties in a contract, making the agreement legally binding.

Tort of Deceit

A civil wrong that involves making false representations with the intentional or reckless disregard for the truth, causing someone else to suffer damage.

Contract Terms

The specific provisions, conditions, and requirements agreed upon by the parties in a contract.