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TEST BANK QUESTIONS Essentials of Contract Law, 2nd Edition CHAPTER 1
Step One: Establishing the Method of Dispute Resolution, Selecting the Venue, and Determining the Applicable Law in the Event of a Dispute
True/False Indicate whether the statement is true or false. An answer must be all True to be True. 1.
T
F
The parties can decide at the time of contracting that in the event of a dispute, they will arbitrate rather than litigate the dispute.
2.
T
F
Once arbitration is initiated, private mediation becomes unavailable.
3.
T
F
In arbitration, the jury decides the questions of fact and the arbitrator decides the issues of law.
4.
T
F
Contracting parties can decide to mediate either at the time of contracting or after a dispute has arisen.
5.
T
F
Litigation is the preferred method of dispute resolution.
6.
T
F
In mediation, the neutral third party resolves the dispute for the parties.
7.
T
F
A mediated agreement is based on the law and not on the needs and interests of the parties.
8.
T
F
An arbitration award is based on the law and not on the needs and interests of the parties.
9.
T
F
Mediation is the method of dispute resolution where the parties attempt to resolve their own disputes.
1
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