Check Your Understanding Answers
- 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
- 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
- What is mediation?
The use of a third party to listen, discuss, and attempt to help the disputing parties resolve their issue
- 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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