The Objective Theory of Contracts States That the Intent to Contract

question 1

True/False

The objective theory of contracts states that the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties.

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Definitions:

Funding

The act of providing financial resources, usually in the form of money, or other values such as effort or time, to finance a need, program, and project, usually by an organization or government.

Cost

The expenditure incurred in the production of goods or services, including time, labor, materials, and financial resources.

Technological Advance

The development and application of innovative tools, machines, materials, and processes that improve efficiency and productivity.

Allocative Efficiency

A state of resource allocation in which it is impossible to make anyone better off without making someone else worse off, often achieved when the value placed on goods and services by consumers is aligned with the costs of producing them.