In Binding Arbitration,_____

question 14

Multiple Choice

In binding arbitration,_____.

• A)parties involuntarily submit to the arbitration procedure.
• B)the arbitration award is final.
• C)the arbitration award can be appealed to a court.
• D)either party may reject the arbitration award and demand a trial instead.
• E)the parties may choose to resolve their dispute through litigation if the arbitration award is rejected by a party.

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Definitions:

Liability

Legal responsibility or obligation for actions, which can result in the requirement to compensate for harm or damages caused.

Conversion

Unauthorized act of taking or using someone's property, leading to the deprivation of the owner's rights.

Authorized Ownership

The legal right or title to own something that is recognized or sanctioned by law or proper authority.

Instrument

A legal document formalizing an agreement or right, often used in contexts such as financial instruments or legal contracts.