A possible hypothesis for the observation that a man bought a chain for his cow and noticed a year later that only one link in the chain did not rust is that; "The link that did not rust was not exposed to moisture over the entire one year".
A hypothesis is a possible explanation for an observation. A hypothesis must be testable and verifiable.
While it is expected that a chain used for a cow over an entire one year interval will have most of its links rusted, the link that did not rust may not have been overly exposed to moisture throughout the one year.
Since not all the links in the chain have equal exposure to moisture, a possible hypothesis is that "The link that did not rust was not exposed to moisture over the entire one year".
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