Define -Non-Binding Arbitration

question 19

Essay

Define
-non-binding arbitration

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Definitions:

Informal Contract

A contract that does not require a specified form or formality in order to be valid.

Modify Terms

The act of making changes or adjustments to the conditions or stipulations of an agreement or contract.

Market Economy

An economic system where supply and demand from private enterprises and consumers freely determine the production of goods and services, prices, and distribution.

Enforcing Private Agreements

The legal process through which private contracts or understandings between parties are made obligatory and are upheld by law.