Which of the Following Is True in Regard to Precedent

question 65

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) Unlike the law in general, the law governing arbitration agreements is a fixed set of rules 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) Neither the law in general nor the law of arbitration has a fixed set of precedents.
• E) 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.

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Definitions:

Expansionary Gap

A situation where the actual output of an economy exceeds its potential output at full employment, often leading to inflation.

Inflationary Pressure

The upward pressure on prices that may arise from factors such as increased demand or rising costs, leading to inflation.

Seasonal Unemployment

Unemployment resulting from seasonal variations in demand or supply of labor, often seen in industries like agriculture or tourism.

Potential Level

An economic term referring to the highest level of output an economy can sustain over a long period without increasing inflation.