Law 6

admin 2019.05.03 19:10 Views : 269

Check Your Understanding Answers

  1. What are liquidated damages?

    Compensation awarded by a court judgment or by a contract stipulation regarding breach of contract for a loss or injury to a person or a person's rights or property
     
  2. What is meant by reformation?

    The judicial correction or change of an existing document by court order when one of the parties enters a petition for a change
     
  3. What is mediation?

    The use of a third party to listen, discuss, and attempt to help the disputing parties resolve their issue
     
  4. What is arbitration?

    A shorter, less expensive version of litigation where both sides are allowed to present evidence and arguments and an arbitrator has the power to make a final, binding decision
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