The Tendency of Uninformed Individuals to Overestimate the Precision of Their

question 70

Multiple Choice

The tendency of uninformed individuals to overestimate the precision of their knowledge is known as:

• A)overconfidence bias.
• B)herd behavior.
• C)familiarity bias.
• D)disposition bias.

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Definitions:

Disaffirm

To disaffirm means to legally reject or void a contract or agreement, usually because of the incapacity or unfairness to one party involved.

Minor

An individual who is under the age of majority, legally considered as not yet fully adult and under the care of a parent or guardian.

Rescind

To cancel or repeal a contract, agreement, or order, effectively bringing it to an end.

Restatement of Contracts

A legal treatise that organizes, explains, and clarifies the principles of contract law in the United States.