A Provision in a Contract That Mandates That All Disputes

question 13

Multiple Choice

A provision in a contract that mandates that all disputes arising under the contract must be settled by arbitration is called a[n] ________.

• A) Binding arbitration clause
• B) Court-annexed arbitration clause
• C) Approved mediation/arbitration clause
• D) Consolidated merger clause
• E) ADR neutral clause

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Definitions:

Market

A physical or virtual space where buyers and sellers interact to exchange goods, services, or information.

Highest Willingness to Pay

The maximum amount an individual is prepared to spend to obtain a good, service, or outcome, reflecting the perceived value.

Consumer

A person or collective that buys products or services for their own consumption.

Surplus Greater

A scenario where the quantity of goods produced or available exceeds the quantity demanded, often leading to lower prices or waste.