Question

A buyer and a seller are disputing a contract for sale and purchase. They agree to submit the matter to a third party who will make a binding determination regarding the matter. This type of settlement is called

Answer 1

Answer:In arbitration, parties agree to submit existing or future disputes to a neutral third party, the arbitrator, or a panel of arbitrators who decide how the dispute will be resolved. In binding arbitration, the decision of the arbitrator(s) is final and binding.

Step-by-step explanation: