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Arbitration Law: The Arbitration Agreement

This quiz covers the topic of Arbitration Law: The Arbitration Agreement. It includes questions on the definition of an arbitration agreement, its essential elements, and the enforceability of arbitration agreements.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is an arbitration agreement?

  1. A contract between two or more parties to submit a dispute to arbitration.
  2. A court order requiring the parties to submit a dispute to arbitration.
  3. A statute that mandates arbitration in certain types of disputes.
  4. A mediation agreement between two or more parties.
Question 2 Multiple Choice (Single Answer)

What are the essential elements of an arbitration agreement?

  1. A written agreement signed by both parties.
  2. A description of the dispute to be arbitrated.
  3. The names of the arbitrators.
  4. All of the above.
Question 3 Multiple Choice (Single Answer)

When is an arbitration agreement enforceable?

  1. When it is in writing and signed by both parties.
  2. When it is fair and equitable.
  3. When it is approved by a court.
  4. All of the above.
Question 4 Multiple Choice (Single Answer)

What are the benefits of arbitration?

  1. It is faster and less expensive than litigation.
  2. It is more private than litigation.
  3. It is more flexible than litigation.
  4. All of the above.
Question 5 Multiple Choice (Single Answer)

What are the drawbacks of arbitration?

  1. It is less formal than litigation.
  2. The parties have less control over the process.
  3. The decision of the arbitrator is final and binding.
  4. All of the above.
Question 6 Multiple Choice (Single Answer)

What is the Federal Arbitration Act (FAA)?

  1. A federal law that governs arbitration agreements in the United States.
  2. A state law that governs arbitration agreements in the United States.
  3. A federal law that governs arbitration agreements in Canada.
  4. A state law that governs arbitration agreements in Canada.
Question 7 Multiple Choice (Single Answer)

What does the FAA do?

  1. It makes arbitration agreements enforceable in the United States.
  2. It sets forth the procedures for arbitration.
  3. It provides for the appointment of arbitrators.
  4. All of the above.
Question 8 Multiple Choice (Single Answer)

What is the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention)?

  1. A treaty that governs the recognition and enforcement of foreign arbitral awards.
  2. A statute that governs the recognition and enforcement of foreign arbitral awards.
  3. A regulation that governs the recognition and enforcement of foreign arbitral awards.
  4. None of the above.
Question 9 Multiple Choice (Single Answer)

What does the New York Convention do?

  1. It makes foreign arbitral awards enforceable in the United States.
  2. It sets forth the procedures for the recognition and enforcement of foreign arbitral awards.
  3. It provides for the appointment of arbitrators.
  4. All of the above.
Question 10 Multiple Choice (Single Answer)

What is the difference between arbitration and mediation?

  1. Arbitration is binding, while mediation is not.
  2. Arbitration is more formal than mediation.
  3. Arbitration is more expensive than mediation.
  4. All of the above.
Question 11 Multiple Choice (Single Answer)

What is the role of the arbitrator?

  1. To hear the evidence and make a decision.
  2. To facilitate the negotiation between the parties.
  3. To enforce the arbitration agreement.
  4. None of the above.
Question 12 Multiple Choice (Single Answer)

What is the role of the mediator?

  1. To hear the evidence and make a decision.
  2. To facilitate the negotiation between the parties.
  3. To enforce the arbitration agreement.
  4. None of the above.
Question 13 Multiple Choice (Single Answer)

What is the difference between an arbitrator and a mediator?

  1. An arbitrator is a neutral third party who hears the evidence and makes a decision.
  2. A mediator is a neutral third party who facilitates the negotiation between the parties.
  3. An arbitrator is appointed by the court.
  4. All of the above.
Question 14 Multiple Choice (Single Answer)

What are the different types of arbitration?

  1. Binding arbitration.
  2. Non-binding arbitration.
  3. Mediation-arbitration.
  4. All of the above.
Question 15 Multiple Choice (Single Answer)

What is the difference between binding arbitration and non-binding arbitration?

  1. In binding arbitration, the decision of the arbitrator is final and binding.
  2. In non-binding arbitration, the decision of the arbitrator is not final and binding.
  3. In binding arbitration, the parties are required to participate in the arbitration.
  4. All of the above.
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