The Federal Arbitration Act (FAA)requires Federal Courts to Enforce Agreements

question 48

Multiple Choice

The Federal Arbitration Act (FAA) requires federal courts to enforce agreements to arbitrate if they:

• A)pertain to railroad employees, or any other class of workers engaged in foreign or  interstate commerce.
• B)are voluntary and knowing.
• C)do not place undue hardship on the parties.
• D)were not knowingly agreed to.

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Definitions:

Authority to Sell

The legal power granted, usually to an agent, to transfer the ownership of property from the seller to the buyer.

Computerized Checkout

A system used in retail stores for completing sales transactions electronically, typically involving scanning items and automatic calculation of total price.

Contract with Wholesalers

An agreement between a producer and entities that buy products in bulk, intending to distribute them further.

Undisclosed Principal

In an agency relationship, a principal whose identity is not revealed to the third party by the agent.