In Which of the Following Is an Arbitrator (Or Arbitration

question 21

Multiple Choice

In which of the following is an arbitrator (or arbitration panel) similar to a judge?

• A) Both have inherent jurisdiction.
• B) Both apply the principles of equity.
• C) Both strictly apply the rules of evidence.
• D) Both are jointly appointed by the parties.
• E) Both are bound by previous jurisprudence.

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Definitions:

Credit Terms

The conditions under which a seller will extend credit to a buyer, including the repayment time frame and any interest charged.

Merchandise

Goods bought and sold in the normal course of business, typically referring to products available for resale to customers.

Damaged

Refers to goods or items that are impaired, reduced in value, or made less useful due to wear, tear, or harm.

Sales Revenue

The total amount of income generated from the sale of goods or services related to a company's primary operations.