In A______ , One Party Gives Up the Right to Initiate

question 62

Multiple Choice

In a______ , one party gives up the right to initiate or continue litigation in return for a sum to be paid by the other party.

• A) settlement agreement
• B) mediation
• C) no-action agreement
• D) payoff

---

Definitions:

GAAP

Generally Accepted Accounting Principles (GAAP) are a set of accounting standards used to prepare and report financial statements.

Fair Value

The market-based measurement of the value of an asset or liability, used for financial reporting purposes.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the financial reporting activities of companies worldwide.

GAAP

Generally Accepted Accounting Principles, a common set of accounting principles, standards, and procedures that companies must follow when compiling their financial statements.