Which of the Following Statements Is TRUE

question 36

Multiple Choice

Which of the following statements is TRUE?

• A)ADR stands for "additional decision resolution."
• B)Mediation is normally binding,unless the parties agree otherwise.
• C)The process of negotiation tends to correct any imbalance in bargaining power,and therefore is usually preferred if one party is a consumer and the other is a large corporation.
• D)The decision received from an arbitrator is generally not able to be appealed except either by agreement or by specific statutory appeal rights which may apply to the arbitration agreement.
• E)ADR is used in criminal law,particularly mediation by the police.

Recognize the penalties associated with underpayment and failure to file taxes on time.

Determine the standard deduction amounts for various taxpayer situations.

Understand the requirements and benefits of multiple support agreements.

Grasp what constitutes support for dependency exemptions.

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Definitions:

Preincorporation Contracts

Agreements entered into on behalf of a corporation not yet formally established, raising questions about liability and authority.

Promoter

A promoter is an individual or company involved in founding or organizing a business or enterprise, typically responsible for raising capital, arranging for necessary legal documents, and setting up operations.

Personally Liable

The legal responsibility of an individual to satisfy debts or obligations from their own assets.

Preincorporation Subscription

An agreement by an investor to purchase stock in a corporation, made before the corporation is legally formed.