On a Particular Busy Section of the Garden State Parkway

question 101

Multiple Choice

On a particular busy section of the Garden State parkway in New Jersey,police use radar guns to detect speeding drivers.Assume the time that elapses between successive speeders is exponentially distributed with the mean of 15 minutes.What is the probability of a waiting time in excess of 25 minutes between successive speeders?

• A) 0.1887
• B) 0.2674
• C) 0.7336
• D) 0.8113

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Definitions:

Consideration

In contract law, consideration refers to something of value, which can be an object, service, money, or promise, exchanged between parties as the basis for a contract.

Bilateral Contract

An agreement between two parties in which each party commits to performing a specific obligation.

Consideration

In a contractual agreement, it is the value or promise that each party agrees to exchange.

Promissory Estoppel

A legal principle that enables a party to recover on a promise made when they have reasonably relied on that promise to their detriment, even if a formal contract does not exist.