What is arbitration, how does it work, when is it used and what are the two different types?
What will be an ideal response?
Arbitration is a formalized system for dealing with grievances and administering corrective justice to parties in a bargaining situation. If two or more parties disagree on the nature of contractual terms and conditions, a third party, usually a court-appointed arbitrator, facilitates the settlement of the disputed terms. If all parties agree to the use of arbitration, it can serve as a binding settlement to all outstanding claims or disputes arising from a contract that was not adequately completed. Parties may adopt non-binding arbitration, in which case the judge can offer suggestions or avenues for settlement but cannot enforce these opinions.
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A joint tenant wants to sell his interest without the consent of the other joint tenants. Can he do this?
a. yes, because each joint tenant may sell independently of the others b. yes, because survivorship is present in joint tenancy c. no, because all members must first agree to sever the tenancy d. no, because the unity of interest in a joint tenancy protects the other co-owners
The term ________ refers to a secured creditor's repossession of collateral on a debtor's default and selling, leasing, or otherwise disposing of it in a commercially reasonable manner
A) repossession B) disposal of the goods C) disposition of collateral D) retention of collateral