Examlex
Which of the following statements best represents the distinction between binding and nonbinding arbitration?
Consideration
The benefit or value that must be exchanged between parties to form a valid contract.
Common Law
A legal system based on precedent and court decisions rather than written laws or statutes.
Statute Law
Law enacted by a legislative body, such as a parliament or congress, officially documented and codified.
Gratuitous Promise
A promise made without expecting anything in return, often not legally binding unless certain formalities are met.
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