When Using ________,Conflicting Parties Are Required by Law to Submit

question 8

Multiple Choice

When using ________,conflicting parties are required by law to submit their dispute to a third party,whose decision is final and binding.

• A) cooptation
• B) mediation
• C) reciprocation
• D) voluntary arbitration
• E) compulsory arbitration

---

Definitions:

Common Law

A legal system based on court decisions and customs, as opposed to statutory laws passed by legislatures.

Liability to Customers

The legal responsibility of a business to compensate customers for harm, loss, or injury resulting from its products or services.

Unfair Business Practices

Business practices designed to take advantage of consumer inexperience or ignorance.

Exemplary Damages

Exemplary damages, also known as punitive damages, are awarded in a lawsuit as a punishment to the defendant and to deter others from engaging in similar conduct.