When Can an Arbitration Award Be Set Aside

question 83

Multiple Choice

When can an arbitration award be set aside?

• A) If the parties do not like the outcome of the arbitrator's award.
• B) If the award resulted from fraud, corruption or the arbitrator misbehaved in a way that prejudiced the rights of the parties.
• C) If the courts do not like the arbitrator that the parties picked.
• D) If the arbitrator was a lawyer and not a judge.
• E) If the arbitrator was a judge and not a lawyer.

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Definitions:

Consumer Surplus

The variance between the aggregate amount consumers intend and can afford to pay for a good or service and the total they actually do pay.

Supply Curve

A supply curve is a graph that shows the quantity of goods that producers are willing to sell at different prices, typically depicting a positive relationship between price and quantity supplied.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period, typically downward sloping.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflective of its sensitivity to price changes.