Dispute Arbitration Occurs When A(n)

question 67

Multiple Choice

Dispute arbitration occurs when a(n)

• A)dispute turns into a military conflict, but it is not officially declared a war by the legislative branch.
• B)international disagreement is referred to a neutral third party for resolution.
• C)treaty is made between two or more nations.
• D)agreement is made between the presidents of two countries, but the terms are not legally binding.

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Definitions:

Liquidated Damages

A contractual provision that specifies a predetermined amount of money that must be paid as damages for failure to perform certain aspects of a contract.

Mitigate

To lessen a loss, for example, by victims of a breach, who have a duty to take all reasonable steps to minimize losses suffered.

Specific Performance

A legal remedy in contracts law requiring a party to fulfill their obligations under the contract, as opposed to paying damages.

Transfer Property

The act of legally changing ownership of real estate, assets, or other property from one party to another.