Which of the Following Is True in Regard to Precedent

question 65

Multiple Choice

Which of the following is true in regard to precedent in relation to law in general and arbitration?

• A) Like the law in general, the law governing arbitration agreements is not a fixed set of rules or precedents.
• B) Unlike the law in general, the law governing arbitration agreements is a fixed set of rules or precedents.
• C) Law in general has a fixed set of rules or precedents, but the law governing arbitration is not a fixed set of rules or precedents.
• D) Neither the law in general nor the law of arbitration has a fixed set of precedents.
• E) Both the law in general and the law of arbitration have a fixed set of precedents except in the area of consumer law in which there is no fixed set of law or precedents.

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Definitions:

Current Assets

Resources anticipated to be turned into cash, liquidated, or utilized within a 12-month period or over the length of the business's operational cycle, whichever duration is more extended.

Fixed Assets

Long-term tangible assets used in the operations of a business that are not expected to be converted to cash in the short term, such as buildings, machinery, and equipment.

Amortization Expense

The portion of the cost of a fixed asset deducted from revenue over its useful life for accounting purposes.

Operating Expenses

The costs associated with the day-to-day operations of a business, not including the cost of goods sold.