In International Contracts, Parties Can Specify How Future Disputes Will

question 379

Multiple Choice

In international contracts, parties can specify how future disputes will be resolved, including:

• A) the choice of a court
• B) the choice of a judge
• C) the choice of a jury
• D) the choice of a Supreme Court justice
• E) none of the other choices are correct

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Definitions:

Fair Value

The cost expected to be received for an asset sale or to be paid for transferring a liability during a well-organized interaction between market actors as of the valuation moment.

Subsidiary's Equity

The portion of equity (capital and reserves) in a subsidiary company that is attributable to its owners, including both parent and non-controlling interests.

Consolidation Adjusting Entries

Adjustments made in accounting records to remove the effects of intercompany transactions during the consolidation process for a group’s financial reporting.

Accounting Periods

Defined time frames in which financial transactions are recorded and financial statements are prepared.