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You are given n 8 measurements: 3, 1, 5, 6,4, 4, 3, 5.a. Calculate the range.b

Introduction to Probability and Statistics 1 | 14th Edition | ISBN: 9781133103752 | Authors: William Mendenhall Robert J. Beaver, Barbara M. Beaver ISBN: 9781133103752 255

Solution for problem 16 Chapter 2.3

Introduction to Probability and Statistics 1 | 14th Edition

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Introduction to Probability and Statistics 1 | 14th Edition | ISBN: 9781133103752 | Authors: William Mendenhall Robert J. Beaver, Barbara M. Beaver

Introduction to Probability and Statistics 1 | 14th Edition

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Problem 16

You are given n 8 measurements: 3, 1, 5, 6,4, 4, 3, 5.a. Calculate the range.b. Calculate the sample mean.c. Calculate the sample variance and standarddeviation.d. Compare the range and the standard deviation. Therange is approximately how many standarddeviations?

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Chapter 15: Mistakes, Fraud, and Voluntary Consent Section 1 Voluntary Agreement to a preposition or an act of another. The lack of Voluntary Consent can be used as a defense against the contract.  A valid contract is unenforceable if the parties have not agreed to its terms. Mistake of Fact- this is the only thing that makes a contract voidable and it must involve material of fact. 1. Bilaterial Mistake- both parties mistaken (“no true meeting of the mines”). Contract can be rescinded by either party. 2. Unilateral Mistake- One party mistaken. Contract enforceable Mistake of Value- when the value of the object is worth a different amount in the future Section 2 Fraudulent Misrepresentation- when someone misrepresents something knowing they are acting in fraud. 1. A misrepresentation of a material fact must occur. Misrepresentation by Conduct- when a party takes a specific action to conceal a fact that is material to the contract Statements of Opinion and Representations of Future Facts- are not subject to claims of fraud. Misrepresentation of Law- does not entitle a party to relief from a contract. Except when the misrepresenting party is in a profession that is known to require greater knowledge than the average individual Misrepresentation by Silence- Failure to disclose material facts about its value.  Latent Defects- disclose information about a material’s defects if buyer is unable to see it  Fiduciary relationship- between partners e.g. physician & patient, attorney & client 2. There must be an intent to deceive. Scienter- also known as “guilty knowledge”, a party knowingly puts forth false statements about their knowledge or personal investigation of material without regard to whether it is true or false. Innocent Misrepresentation- (NOT FRAUD) if a person makes a statement that she or he believes to be true but that actually misrepresents material facts. Contract can then be rescinded but there will be NO monetary damages. Negligent Misrepresentation- misrepresentation through carelessness although the party highly believed it to be true e.g. operator of a weight scale weighs materials but the scale has not been checked for years and it is defect 3. The innocent party must justifiably rely on the misrepresentation. Justifiable Reliance- The deceived party must have a justifiable reliance for relying on the misrepresentation. If a party knows for a fact that something is not true but they still entered into the contract then it cannot be a justifiable misrepresentation. 4. To collect damages, a party must have been harmed as a result of the misrepresentation. Section 3 Undue Influence- In a contract, when one party can greatly influence another party then it lacks voluntary consent so this contract becomes voidable.  A contract entered into under excessive or undue influence lacks voluntary consent and is therefore voidable.  Those under the care of psychiatrists, Elderly people, Minors, Mentally incompetent people, Those under the care of physicians, under the care of psychologists, under guardianships  If a contract enriches the dominant party, the court will often presume undue influence Section 4 Duress- the use of threats to force a party into a contract is not voluntary. It must render the person incapable of exercising free will in order for it to fall under Duress. It is also a defense to the enforcement of a contract and recission  Economic duress- economic need is not sufficient to constitute duress Section 5 Adhesion Contracts- A “standard-form” contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms. Contains FINE PRINT  unconscionability under Section 2–302 of the Uniform Commercial Code (UCC) applies only to contracts for the sale of goods  seller takes advantage of a buyer Chapter 15: Mistakes, Fraud, and Voluntary Consent Section 1 Voluntary Agreement to a preposition or an act of another. The lack of Voluntary Consent can be used as a defense against the contract.  A valid contract is unenforceable if the parties have not agreed to its terms. Mistake of Fact- this is the only thing that makes a contract voidable and it must involve material of fact. 1. Bilaterial Mistake- both parties mistaken (“no true meeting of the mines”). Contract can be rescinded by either party. 2. Unilateral Mistake- One party mistaken. Contract enforceable Mistake of Value- when the value of the object is worth a different amount in the future Section 2 Fraudulent Misrepresentation- when someone misrepresents something knowing they are acting in fraud. 1. A misrepresentation of a material fact must occur. Misrepresentation by Conduct- when a party takes a specific action to conceal a fact that is material to the contract Statements of Opinion and Representations of Future Facts- are not subject to claims of fraud. Misrepresentation of Law- does not entitle a party to relief from a contract. Except when the misrepresenting party is in a profession that is known to require greater knowledge than the average individual Misrepresentation by Silence- Failure to disclose material facts about its value.  Latent Defects- disclose information about a material’s defects if buyer is unable to see it  Fiduciary relationship- between partners e.g. physician & patient, attorney & client 2. There must be an intent to deceive. Scienter- also known as “guilty knowledge”, a party knowingly puts forth false statements about their knowledge or personal investigation of material without regard to whether it is true or false. Innocent Misrepresentation- (NOT FRAUD) if a person makes a statement that she or he believes to be true but that actually misrepresents material facts. Contract can then be rescinded but there will be NO monetary damages. Negligent Misrepresentation- misrepresentation through carelessness although the party highly believed it to be true e.g. operator of a weight scale weighs materials but the scale has not been checked for years and it is defect 3. The innocent party must justifiably rely on the misrepresentation. Justifiable Reliance- The deceived party must have a justifiable reliance for relying on the misrepresentation. If a party knows for a fact that something is not true but they still entered into the contract then it cannot be a justifiable misrepresentation. 4. To collect damages, a party must have been harmed as a result of the misrepresentation. Section 3 Undue Influence- In a contract, when one party can greatly influence another party then it lacks voluntary consent so this contract becomes voidable.  A contract entered into under excessive or undue influence lacks voluntary consent and is therefore voidable.  Those under the care of psychiatrists, Elderly people, Minors, Mentally incompetent people, Those under the care of physicians, under the care of psychologists, under guardianships  If a contract enriches the dominant party, the court will often presume undue influence Section 4 Duress- the use of threats to force a party into a contract is not voluntary. It must render the person incapable of exercising free will in order for it to fall under Duress. It is also a defense to the enforcement of a contract and recission  Economic duress- economic need is not sufficient to constitute duress Section 5 Adhesion Contracts- A “standard-form” contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms. Contains FINE PRINT  unconscionability under Section 2–302 of the Uniform Commercial Code (UCC) applies only to contracts for the sale of goods  seller takes advantage of a buyer

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Textbook: Introduction to Probability and Statistics 1
Edition: 14
Author: William Mendenhall Robert J. Beaver, Barbara M. Beaver
ISBN: 9781133103752

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You are given n 8 measurements: 3, 1, 5, 6,4, 4, 3, 5.a. Calculate the range.b