Examlex

Solved

What Is a Simplified Representation or Abstraction of Reality

question 114

Multiple Choice

What is a simplified representation or abstraction of reality?


Definitions:

Valid Contract

A legally binding agreement between parties, fulfilling all necessary legal conditions and requirements.

Mutual Assent

An agreement between parties that intend to form a contract, evidenced by an offer and acceptance.

Consideration

A value that is promised, given, or received by a party in a contract, making the agreement legally enforceable.

Justifiable Reliance

The reasonable trust placed by one party in the representations of another, particularly in situations leading to contracts or agreements.

Related Questions