The Only Requirement of a Valid Contract Is That It

question 57

True/False

The only requirement of a valid contract is that it be voluntarily entered into.

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Definitions:

Conditions of Risk

Circumstances or factors that increase the probability of loss or danger in a given situation or environment.

Nonprogrammed Decisions

Decisions that are made in response to novel, unstructured, and infrequent problems that require a custom-tailored solution.

Situational Decisions

Decisions made based on the specific context or circumstances at hand, where different factors or conditions can lead to different outcomes.

Escalation of Commitment

A behavior pattern in which an individual or group continues to invest in a decision despite evidence of its ineffectiveness or failure.