In Order to Use the Expected Value Approach,one Needs to Determine

question 13

True/False

In order to use the expected value approach,one needs to determine the probabilities of future payoffs.

---

Definitions:

Rescind

To revoke, cancel, or repeal a contract, agreement, or offer, making it as though it never existed.

Concealment

In contract law, taking active steps to prevent another from learning the truth.

Nondisclosure

The obligation to keep certain information confidential and not share it without authorization, typically enforced through agreements.

Innocent Misrepresentation

a false statement made without knowledge of its falsity, but not intended to deceive, which may allow for some remedies if it leads another party to enter into a contract under false pretenses.