Quiz 10

Question 0

Neutral

Answer 0

Term used to describe the mediator or arbitrator

Question 1

Alternative dispute resolution

Answer 1

ADR: non court proceedings where parties can settle disputes

Question 2

Mediation

Answer 2

Mediator does not make a decision but rather suggests solutions and let’s the parties agree

Question 3

Arbitration

Answer 3

Arbitrator makes a decision after hearing the positions of the parties

Question 4

Binding Arbitration

Answer 4

Parties agree to be bound by the decision of the arbitrator and give up the right to challenge in court

Question 5

Legal Remedy

Answer 5

Party seeks monetary damages

Question 6

Equitable remedy

Answer 6

Usually damages other than money. Based on fairness

Question 7

Compensatory/ expectation damages

Answer 7

Damages that puts the parties in the position they would have occupied had the contract been performed. Cannot be speculative

Question 8

Reliance damages

Answer 8

Damages that are awarded when compensatory damages are too speculative. It puts the party in the position as if the contract had never been made

Question 9

Foreseeable

Answer 9

Something that a reasonable person would anticipate happening as a result of their actions

Question 10

Consequential damages- special damages-

Answer 10

Losses that do not flow directly and immediately from a breach

Question 11

Liquidated damages

Answer 11

Damages that the parties agree to in advance and is made part of the contract

Question 12

Replevin

Answer 12

Recovery of property that is wrongfully in the property of another

Question 13

Strict liability

Answer 13

Liability regardless of fault

Question 14

Reformation

Answer 14

A re-writing of the contract used when court is invoking sever ability of a clause

Question 15

Restitution

Answer 15

To return to the non-breaching party the property in question or it’s value

Question 16

Specific performance

Answer 16

An equitable remedy. Court orders the breaching party to perform the obligations of the contract