The Key Difference Between Traditional Arbitration and Final Offer Arbitration

question 53

Multiple Choice

The key difference between traditional arbitration and final offer arbitration is that:

• A) Arbitrators are permitted to create their own terms for a desired outcome
• B) Arbitrators must present their proposed solution to the courts for approval
• C) Arbitrators are permitted to formulate a settlement that falls in the middle of the two proposals
• D) Arbitrators are not permitted to formulate a settlement that falls in the middle or create their own terms for a desired outcome

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Definitions:

Non-Cash Gifts

Items of value, other than money, given by one party to another, which can include property, stocks, or goods, and may be subject to tax regulations.

Fair Market Value

The price that an asset would sell for on the open market between willing and informed buyers and sellers.

Form 1040

The official form issued by the IRS that taxpayers fill out annually to report their earnings for the year.

Casualty Loss

A financial loss resulting from sudden, unexpected, or unusual events such as natural disasters, thefts, or accidents.