A Contractor's Project Being Analyzed by PERT Has an Estimated

question 9

Multiple Choice

A contractor's project being analyzed by PERT has an estimated time for the critical path of 120 days.The sum of all activity variances is 81;the sum of variances along the critical path is 64.What is the probability that the project will take 130 or more days to complete?

• A)0.1057
• B)0.1335
• C)0.8512
• D)0.8943
• E)1.29

Understand the circumstances under which contracts must be in writing according to the Statute of Frauds.

Appreciate the fundamental concept of a contract as a legally enforceable promise or set of promises.

Recognize the common law and UCC parallels in contract law.

Understand the duty of good faith imposed by the UCC in contract performance and enforcement.

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Definitions:

Recording Statutes

Laws that govern the recording of documents (such as deeds or mortgages) to provide notice of their content and to establish legal priority.

Race-Notice Statute

A law pertaining to real estate which gives priority to the first party to record an interest in a property, provided that party did not have notice of any other claims at the time of recording.

Grant Superior Title

The process of transferring a higher quality or clearer title to property, often used to resolve issues or disputes regarding property ownership.

Constructive Eviction

In landlord–tenant law, a breach of duty by the landlord that makes the premises uninhabitable or otherwise deprives the tenant of the benefit of the lease and gives rise to the tenant’s right to vacate the property and terminate the lease.