Mediation And Arbitration

Consider the given statements in contest to the difference between Mediation and Arbitration:

1. In arbitration, the outcome is determined in accordance with an objective standard, the applicable law.
2. In mediation, any outcome is determined by the will of the parties.
3. In arbitration, a party's task is to convince the arbitral tribunal of its case. It addresses its arguments to the tribunal and not to the other side.
4. In mediation, since the outcome must be accepted by both parties and is not decided by the mediator, a party's task is to convince, or to negotiate with, the other side.

Choose the incorrect statement(s) from the options give below: