Asked by Heather Hernandez on Jun 27, 2024
Verified
What is a provision in a contract mandating that all disputes arising under the contract be settled by arbitration called?
A) A binding arbitration clause
B) A non-compete agreement
C) A forum non conveniens clause
D) An in rem clause
E) A quasi in rem clause
Binding Arbitration Clause
A contract provision mandating that all disputes arising under the contract must be settled by arbitration.
Disputes
Conflicts or arguments between parties that may require resolution through negotiation or legal means.
Contract
A legally binding agreement between two or more parties, enforceable by law.
- Acquire knowledge on the legal framework and implications surrounding arbitration agreements and their validity in law.
Verified Answer
BG
Britni GurganusJun 27, 2024
Final Answer :
A
Explanation :
The primary method of securing arbitration is through a binding arbitration clause,a provision in a contract that mandates that all disputes arising under the contract must be settled by arbitration.The clause also typically states how the arbitrator will be selected.If parties have a binding arbitration agreement,the parties must resolve the dispute through arbitration.Both federal and state courts must uphold agreements to arbitrate.
Learning Objectives
- Acquire knowledge on the legal framework and implications surrounding arbitration agreements and their validity in law.
Related questions
Was Dominic Correct When He Told Naomi That If She ...
Can Dominic Obtain Information Regarding What Occurred at Previous Mediations ...
There Are No International Conventions or Treaties to Assist in ...
Which Statement Does Not Apply to Arbitration of a Contractual ...
After Having Signed a Contract with a Binding Arbitration Clause ...