There Are a Number of Distinct Parts to the Arbitration

question 11

Multiple Choice

There are a number of distinct parts to the Arbitration Act 1996. Match up the sections with their meaning
-Appellate rights

• A)The AA 1950 allowed for either party to the proceedings to have questions of law authoritatively determined by the High Court through the procedure of ' case stated '
• B)Section 30 provides that, unless the parties agree otherwise, the arbitrator can rule on questions relating to jurisdiction in certain situations
• C)Where one party seeks to start a court action, contrary to a valid arbitration agreement, then the other party may request the court to stay the litigation in favour of the arbitration agreement under ss 9-11 of the AA 1999
• D)It is signifi cant that most of the provisions set out in the AA 1996 are not compulsory

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Definitions:

Consumer Surplus

The gap between the price consumers are prepared to pay for a product or service and the amount they end up spending.

Autarky

A situation where a country is self-sufficient and does not engage in international trade.

Trade

The act of buying, selling, or exchanging goods and services between people or countries.

Domestic Price

The price of a good or service within a country's borders.