_______Is a Method of Settling Disputes Outside of Court by Using

question 145

Multiple Choice

_______is a method of settling disputes outside of court by using the services of a neutral third party who acts as a communicating agent between the parties. This method is less formal than arbitration.

• A) ADR
• B) Negotiation
• C) Settlement agreement
• D) Mediation

Distinguish between conditions precedent and subsequent in contractual agreements.

Understand the role of power of attorney in legal representations and agreements.

Comprehend the implications of subsequent agreements on initial contracts.

Recognize the enforceability of promises affecting third parties not in writing under the Statute of Frauds.

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Definitions:

Ending Inventory

The total value of all unsold goods that a company has at the end of an accounting period.

Beginning Inventory

The value of the inventory that a company has at the start of an accounting period, before any purchases or sales have occurred.

Net Income

The total profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenue.

Consignment

A sales arrangement in which goods are placed in the care of another, but ownership and title remain with the supplier until the goods are sold.