Rita Fuller and Robert Morgan Are Contending Parties to a Lawsuit

question 22

Multiple Choice

Rita Fuller and Robert Morgan are contending parties to a lawsuit involving the division of their inheritance from their grandmother.They wish to settle their case out of court.Rita and Robert engage in discussions and bargaining with the presence of their attorneys and finally conclude that Rita keeps 60 percent of the inheritance while Robert gets the remainder.In this scenario,the ________ method of alternative dispute resolution is used.

• A) negotiation
• B) arbitration
• C) pre-trial hearing
• D) mini-trial

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Definitions:

Competition

The rivalry among businesses to attract consumers and gain market share, driving innovation and efficiency.

Independently Acting

The behavior of an entity that makes decisions based on its own interest and circumstances rather than being influenced by others.

Market System

An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.

Private Property

A legal designation for the ownership of property by individuals or businesses, not by the state or government.