Arbitration Results in a Resolution That Is Binding on the Parties

question 120

True/False

Arbitration results in a resolution that is binding on the parties.

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Definitions:

Nominal Damages

A small sum awarded to a plaintiff in a lawsuit when a legal wrong has occurred, but no actual monetary loss was sustained or proven.

Tort

A tort is a civil wrong that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act.

Compensable Damages

Monetary compensation awarded to a party for losses or injuries that can be quantified financially.

Public Figure Privilege

A special right, immunity, or permission given to people that allows them to make any statements about public figures, typically politicians and entertainers, without being held liable for defamation for any false statement made without malice.