Binding Arbitration

question 98

Multiple Choice

Binding arbitration:

• A)requires that a terminated project be completed before damages are awarded.
• B)requires empanelment of equal numbers from both the client and project organizations to reach a verdict.
• C)should be used to settle disputes only if the principle of caveat emptor does not apply.
• D)can settle outstanding claims or disputes provided that all parties agree to its use.

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Definitions:

Specially Manufactured Goods

Items that are produced to a buyer's personal specifications, which are not suitable for sale to others in the ordinary course of the seller's business.

Promissory Estoppel

A legal doctrine that prevents a party from withdrawing a promise made to another party if the latter has relied upon that promise to their detriment.

Oral Contracts

Agreements between parties that are spoken rather than written but are still legally binding.

Real Estate Mortgage

A legal agreement where real property is used as collateral for a loan.