Fact Pattern 3-1 (Questions 31-33 Apply)

question 54

Multiple Choice

Fact Pattern 3-1 (Questions 31-33 apply)
Bean Vendors, Inc., and Java Bistros Corporation dispute a term in their contract.
-Refer to Fact Pattern 3-1. The least expensive method of resolving the dispute between Bean and Java may be

• A) arbitration because the case will be heard by a mini-jury.
• B) litigation because each party will pay its own legal fees.
• C) mediation because the dispute will be resolved by a non-expert.
• D) negotiation because no third parties are needed.

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Definitions:

75 Percent

A numerical value or percentage that can refer to various things depending on the context, generally indicating three-quarters of a total amount.

Partial Destruction

Damage to property or an item that does not completely render it unusable, but significantly impairs its value or function.

Risk Of Loss

A legal and contractual concept determining which party bears the risk for damage or loss of goods after a sale has been completed but before delivery is made.

Contract Price

The total agreed-upon amount for services or goods detailed within a contract.