How Many Steps Are There in Setting Up a Corporate

question 24

Multiple Choice

How many steps are there in setting up a Corporate ADR Program?

• A) 6
• B) 8
• C) 9
• D) 11

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Definitions:

Accord And Satisfaction

A legal contract wherein parties agree to settle a dispute by accepting terms that differ from the original obligation.

Novation

The act of replacing an existing obligation with a new one, thereby extinguishing the original obligation.

Substituted Contract

This is a legal agreement replacing an earlier contract, agreed upon by all parties involved, and discharging the original contractual obligations.

Obligee

The party in a contract or agreement who is entitled to receive a performance or benefit from the obligor.