Discuss the Advantages and Disadvantages of an Arbitration Proceeding That

question 25

Essay

Discuss the advantages and disadvantages of an arbitration proceeding that has just one neutral arbitrator compared to an arbitration panel of three arbitrators.

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Definitions:

Tort Liability

Legal responsibility arising from a civil wrong or injury to others that does not arise from a breach of contract or other agreement.

Disclosed Principal

A legal relationship in which an agent acts on behalf of a principal, with the third party being aware of the principal’s identity.

Unidentified Principal

A principal in an agency relationship whose identity remains unknown to the third party at the time of the agency transaction.

Commercial Transaction Law

Governs the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.