Question

Contracts and Sales Class!

Search the Internet for an arbitration agreement that affects your rights. It may relate to a product you own, a service you use, a place you used to work or the industry you want to one day be a part of. Then start a thread that gives a brief description of the arbitration agreement or clause you selected and explain how it pertains to you. Also indicate whether you think it’s fair and just for you (and/or other consumers/employees) to be required to abide by the arbitration agreement. Explain why, or why not.

Answer 1

An arbitration clause is a section of a contract that deals with the parties’ rights and options in the event of a legal dispute over the contract. In most arbitration clauses, the parties agree not to sue each other, and instead will resolve their disputes through arbitration. Arbitration is a process that allows a third-party arbitrator to help with discussions between the parties.

Arbitrations are usually faster and more efficient than going to court to resolve the dispute because it avoids courtroom procedures and is less technical.

The disadvantages of a arbitration is that once a ruling or determination has been made, the decision becomes final and binding. Unlike the court ruling, arbitration decisions cannot be appealed.