A Provision in a Contract That Mandates That All Disputes

question 39

Multiple Choice

A provision in a contract that mandates that all disputes arising under the contract must be settled by arbitration is called a[n] ________.

• A)ADR neutral clause
• B)Court-annexed arbitration clause
• C)Consolidated merger clause
• D)Approved mediation/arbitration clause
• E)Binding arbitration clause

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Definitions:

Marginal Revenue

The additional income received from selling one more unit of a good or service. It is an important concept in microeconomics and business when determining the optimal level of sales and production.

Profit-Maximizing Level

The point at which a firm achieves the highest profit possible, where marginal cost equals marginal revenue.

Marginal Cost

The growth in complete costs associated with creating another unit of a good or service.

Total Revenue

The total amount of money received by a company from the sale of its goods or services.