Conditions That Are Not Explicitly Stated,but Are Inferred from the Nature

question 51

Multiple Choice

Conditions that are not explicitly stated,but are inferred from the nature and language of the contract are known as ________ conditions.

• A)Concurrent
• B)At large
• C)Conditional
• D)Implied
• E)Express

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Definitions:

Continuous Random Variables

Variables that can take on an infinite number of values within a given range. These values can represent measurements.

Probability Distributions

Mathematical functions defining the likelihood of different outcomes or values for a random variable.

Interval

A range of values or numbers that includes an upper and lower boundary.

Binomial

A probability distribution that describes the number of successes in a fixed number of independent trials, with only two possible outcomes for each trial.