[Jade Shoes] Coleman Owns a Sporting Goods Store and Has

question 62

Multiple Choice

[Jade Shoes] Coleman owns a sporting goods store and has purchased top-quality, brand-name athletic shoes from Jade's Shoe Distribution for many years, but they have no written contract in place. Last month, Coleman learned that the latest shipment from Jade's are not authentic, brand-name shoes but instead a knock-off brand that costs a fraction of the price Coleman pays. Coleman cannot sell these shoes because his customers would know the difference, and Coleman demanded Jade refund him. Jade sent Coleman a written request for arbitration within thirty days. In response, Coleman called Jade, threatening to file a lawsuit against Jade and exposing her company as a fraud. Jade laughs, saying Coleman is required to arbitrate their dispute within thirty days.
-Which of the following is true for both arbitrations and trials?

• A) The decision of a judge is legally binding, but the decision of an arbitrator is not.
• B) Cross-examination of witnesses occurs in trials, but not in arbitrations.
• C) Parties are required to have a lawyer in both arbitrations and trials.
• D) The parties may introduce witnesses and documentation, may cross-examine witnesses, and may offer closing statements.
• E) Closing statements are not permitted during arbitration.

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Definitions:

Single Payment

A one-time transfer of money to settle a debt or purchase.

Due

Refers to the date or time by which something is expected to be completed or fulfilled, such as a payment or assignment.

Compounded Monthly

Refers to the process of calculating and adding interest to an account's balance every month, which then earns interest in subsequent months.

Equal Payments

Payments of the same amount made over a specified period, commonly associated with loans or financing agreements.