A Good Contract Will Spell Out ________, or Unforeseeable "Acts

question 31

Multiple Choice

A good contract will spell out ________, or unforeseeable "acts of God" beyond anyone's control, for which neither party is responsible.

• A) Contingencies
• B) Liabilities
• C) Amendments
• D) Alterations
• E) Modifications

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Definitions:

Decision-making Model

A conceptual framework that outlines the process of making choices by identifying options, evaluating them, and selecting a course of action.

Complete Rationality

The assumption that we take into account every single criterion or possible alternative to make a decision.

Bounded Rationality

The idea that we are restricted by a variety of constraints when making decisions.

Bounded Rationality

A concept that decision-makers are limited by the information they have, their cognitive limitations, and the finite amount of time they have to make a decision.