When Arbitration Is Mandatory Under a Statute, the Losing Party

question 29

True/False

When arbitration is mandatory under a statute, the losing party generally can appeal from such arbitration to a court.

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Definitions:

Unilateral Contract

A contract in which one party makes a promise that the other party can accept only through an action, not a promise.

Accept

To receive something willingly or to agree to a proposition or offer.

Promisee

The person to whom a promise is made or directed in a contract, opposite to the promisor.

Promisor

The individual or party in a contract who makes a promise to perform an act or service.