Which of the Following Statements Is True of Arbitration Procedures

question 70

Multiple Choice

Which of the following statements is true of arbitration procedures?

• A) All types of arbitration procedures are voluntary and cannot be forced on the disputing parties.
• B) Mandatory arbitration is a more effective alternative to litigation than a voluntary arbitration.
• C) Generally, the award resulting from the voluntary arbitration procedure is final.
• D) If an arbitrator made erroneous rulings during a hearing, the award can be set aside.
• E) An arbitrator's award is binding on the parties only if there was no error of law on the part of the arbitrator.

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Definitions:

International Division

The differentiation of tasks, production, or labor on a global scale, often leading to economic disparities between nations.

Differential Profits

Differential profits refer to the variation in profits earned by businesses due to differences in efficiency, market conditions, or innovation, highlighting disparities in economic performance.

Modernization Theory

A theory suggesting that societies progress linearly from traditional to modern states of development, emphasizing the role of technology, economic growth, and socio-political changes.

Traditional Values

The beliefs, morals, and cultural standards passed down through generations, often emphasizing family, religion, and social cohesion.