Sasha Buys a Pair of Shoes for $200

question 196

Multiple Choice

Sasha buys a pair of shoes for $200. She pays for them with 200 one-dollar bills. The dollar bills, in this case, are functioning as a

• A) unit of account.
• B) store of value.
• C) medium of exchange.
• D) barter tool.

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Definitions:

Summary Jury Trial

An abbreviated trial that leads to a nonbinding jury verdict.

ADR Methods

Alternative Dispute Resolution methods, including mediation and arbitration, used to resolve conflicts outside of the traditional courtroom setting.

Arbitration Agreement

is a contract in which parties agree to resolve disputes outside of court, through an arbitration process.

Arbitration Agreement

A contract in which parties agree to settle a dispute outside of court through the process of arbitration, where an arbitrator's decision can be binding or non-binding.