Which of the Following Is True in Regard to Precedent

question 70

Multiple Choice

Which of the following is true in regard to precedent in relation to law in general and arbitration?

• A)Like the law in general,the law governing arbitration agreements is not a fixed set of rules or precedents.
• B)Both the law in general and the law of arbitration have a fixed set of precedents except in the area of consumer law in which there is no fixed set of law or precedents.
• C)Law in general has a fixed set of rules or precedents,but the law governing arbitration is not a fixed set of rules or precedents.
• D)Unlike the law in general,the law governing arbitration agreements is a fixed set of rules or precedents.
• E)Both the law in general and the law of arbitration operate within a fixed set of rules and precedents.

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Definitions:

Saving

Current income that is not spent on consumption goods. Saving makes it possible for resources to be devoted to investments (like the making of tractors or other equipment used in production).

Investment

The purchase, construction, or development of resources, including physical assets, such as plants and machinery, and human assets, such as better education. Investment expands an economy’s resources. The process of investment is sometimes called capital formation.

Barter Economy

An economic system where goods and services are exchanged directly for other goods and services without the use of money.

Currency

A system of money in general use in a particular country or economic context, serving as a medium of exchange for goods and services.