Which of the Following Statements Is True of a Submission

question 79

Multiple Choice

Which of the following statements is true of a submission agreement?

• A) It is a binding clause in a contract mandating all disputes to be settled by arbitration.
• B) It specifies the nature of the dispute and how the arbitrator will be selected.
• C) It is an agreement stating that both parties agree to abide by the mediator's decision.
• D) It is an agreement provided in court stating how contract disputes are to be settled.

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Definitions:

Increases Assets

Transactions or events that enhance the economic resources controlled by a business.

Purchase Requisition

An internal document used within an organization to request authorization for a purchase before a purchase order is issued.

Purchase Order

An official document issued by a buyer committing to pay the seller for the sale of specific products or services to be delivered in the future.

Credit Memorandum

A document issued by a seller indicating a reduction in the amount that a buyer owes, often due to a return or refund.