Asked by Dominique Handy on Jun 04, 2024
Verified
Which of the following is(are) positive about arbitration?
A) Arbitrators are assigned so parties do not have to select them.
B) Arbitration is generally less expensive than litigation.
C) Arbitrators are not bound by the same rules as judges in recognizing and applying legal precedent.
D) Arbitrators are assigned so parties do not have to select them,and arbitration is generally less expensive than litigation.
E) Arbitrators are not assigned so parties do not have to select them,arbitration is generally less expensive than litigation,and arbitrators are bound by the same rules as judges in recognizing and applying legal precedent.
Arbitration
A method of dispute resolution involving a neutral third party who makes a binding decision, outside of the court system.
Legal Precedent
A decision made in a previous legal case that is considered as authority in a subsequent case with similar circumstances.
Less Expensive
Refers to items or services that are lower in price relative to others in the same category.
- Acquire knowledge on the diverse alternative dispute resolution (ADR) strategies and their merits.
- Discern the differences among the assorted binding and non-binding methods of Alternative Dispute Resolution and their implications.
Verified Answer
ZK
Zybrea KnightJun 07, 2024
Final Answer :
B
Explanation :
Arbitration may be preferable to litigation for several reasons.First,arbitration is more efficient and less expensive.Second,parties have more control over the process of dispute resolution through arbitration.They choose the arbitrator and determine how formal the process will be.Third,the parties can choose someone to serve as the arbitrator who has expertise in the specific subject matter.Fourth,the arbitrator has greater flexibility in decision-making than a judge has.Unlike judges,who are bound by legal precedent,arbitrators generally do not have to offer reasons for their decisions.
Learning Objectives
- Acquire knowledge on the diverse alternative dispute resolution (ADR) strategies and their merits.
- Discern the differences among the assorted binding and non-binding methods of Alternative Dispute Resolution and their implications.
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