If the Parties Include an Arbitration Agreement in Their Contract

question 9

Essay

If the parties include an arbitration agreement in their contract for the sale of property, is the arbitration agreement enforceable even though the parties did not know at the time they included the arbitration clause? What disputes might arise under their sales agreement? Why?

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive.

Sustainable Competitive Advantage

A long-term business advantage that is not easily duplicable or surpassable by competitors.

Socially Complex

Referring to entities or situations that involve intricate social interactions and relationships which are difficult to replicate or manage.

Unique History

A specific background or series of events that is distinctive to an individual, organization, or location.