Which term refers to any effort to resolve a conflict through negotiation?

Prepare for the UCF FIN2100 Midterm 2 Exam. Study flashcards and multiple choice questions with hints and explanations for better understanding. Equip yourself for success!

The term that refers to any effort to resolve a conflict through negotiation is mediation. Mediation involves a neutral third party who helps facilitate discussions between the conflicting parties, assisting them in reaching a mutually satisfactory agreement without making binding decisions. This process emphasizes collaboration and communication, allowing the parties involved to express their concerns and interests while working toward a resolution that works for everyone.

In contrast, arbitration refers to a more formal process where a third party hears both sides of a dispute and makes a binding decision. Litigation involves taking the matter to court, where a judge or jury will make a legally binding decision based on the evidence presented. Negotiation is the broader term that encompasses all forms of discussions aimed at reaching an agreement but does not inherently involve the assistance of a neutral third party, which is a defining feature of mediation. Thus, the correct answer is mediation as it specifically signifies the assistance provided in negotiating a resolution.

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