________ Is the Use of a Third Party to Encourage

question 137

Multiple Choice

________ is the use of a third party to encourage labor and management to continue negotiating in an effort to settle a labor dispute or achieve a mutually acceptable labor-management agreement.

• A) Arbitration
• B) Mediation
• C) Reconciliation
• D) Intercession

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Definitions:

Legally Sufficient Consideration

In contract law, it refers to something of value that is exchanged between the parties, supporting a binding agreement.

Forbearance

The act of refraining from exercising a legal right; an agreement between a lender and a borrower in which the lender agrees to temporarily cease requiring mortgage payments, to delay foreclosure, or to accept smaller payments than previously scheduled.

Discount

A reduction from the usual cost of something, often applied to encourage buyers.

Preexisting Duty

An obligation that one is already legally bound to perform, which cannot serve as consideration for a new contract.