A Given Probability Must Always Range from 0 to 1

question 56

True/False

A given probability must always range from 0 to 1.00.

Understand the role and application of the parol evidence rule in contract disputes.

Recognize the exceptions to the statute of frauds and how they affect contract enforceability.

Understand the importance of usage of trade and its impact on contract interpretation and enforcement.

Comprehend the conditions under which oral contracts may be considered enforceable despite the statute of frauds.

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Definitions:

Availability Heuristic

A cognitive short-cut in which the frequency or likelihood of an event is based on how quickly instances or associations come to mind.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.

Representativeness Heuristic

A cognitive shortcut that involves judging the probability of an event by its similarity to a prototype, potentially leading to errors in judgment.

Fundamental Attribution Error

The tendency for observers to underestimate situational influences and overestimate personal characteristics when explaining others' behaviors.