The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 13, Problem 3CT
Summary Introduction
Case summary: Arbitration clause is important in any contract. Federal arbitration act encourages arbitration. Consumers demand for arbitration clause in every contract.
To find: The consequences if the arbitration clause is prohibited in all contracts.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
How can parties protect their intellectual property rights in contracts, and what are the implications of including non-compete and confidentiality clauses in these agreements?
Please explain what a noncompetition agreement is. Explain what makes a noncompetition agreement not enforceable.
Explain the business interests sought to be protected by noncompetition agreements.
Think of an example where a business could protect these interests without saying an employee cannot work for a competitor.
Back in July 2012, the NHL opened negotiations for a new collective-bargaining agreement with an aggressive proposal to reduce players' percentage of hockey-related revenue from 57% to 43%, among other demands. After waiting a month, the NHLPA put forth an offer that separated player salaries from league revenue, slowing the growth of player salaries, and dividing revenues saved among financially struggling teams. Emotions escalated on both sides of the negotiation. The league lockout came after the September 15, 2012 expiration date of the parties' existing contract came and went. Weeks of cancelled games turned into months. Both parties were extraordinarily angry at one another. Meetings quickly escalated to shouting matches, and fear was it could turn physical. Given the highly emotional nature of the disputing parties what would you recommend doing?
a) Bring in a third party, unrelated to either side, to be salient and visibly present in the room
b) Ask them to (please)…
Chapter 13 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.Similar questions
- Back in July 2012, the NHL opened negotiations for a new collective-bargaining agreement with an aggressive proposal to reduce players’ percentage of hockey-related revenue from 57% to 43%, among other demands. After waiting a month, the NHLPA put forth an offer that separated player salaries from league revenue, slowing the growth of player salaries, and dividing revenues saved among financially struggling teams. Emotions escalated on both sides of the negotiation. The league lockout came after the September 15, 2012 expiration date of the parties’ existing contract came and went. Weeks of cancelled games turned into months. Both parties were extraordinarily angry at one another. Meetings quickly escalated to shouting matches, and fear was it could turn physical. Given the highly emotional nature of the disputing parties what would you recommend doingarrow_forwardWhy did the plaintiffs think they should not be bound by the arbitration clause?arrow_forwardHow can parties in a contractual relationship effectively mitigate the risks associated with moral hazards and adverse selection?arrow_forward
- What are the implications of breach of contract, and what legal remedies are available to parties in these situations?arrow_forwardIn which type of Contract is there a "lack of meeting of the minds?" a) Bilateral b) Unilateral c) Fraudulent d) Oral 2. Generally where a unilateral mistake is made in a Contract, the Contract will still be enforced, except where the non-mistaken party was aware of the mistake. a) True b) False 3. A home builder misjudges the cost of the windows to be installed in the house. This is: a) Bilateral mistake leading to rescission. b) Unilateral mistake which can be corrected. c) A mathematical mistake which is correctable. d) An error of judgment, not correctable. 4. "Sign or I'll kill you" is an example of: a) Undue Influence b) Misrepresentation c) Duress d) either a or b 5. An attorney who over a period of time convinces an elderly widow to deed…arrow_forwardA Muslim trader should keep up his __________, _______and____________as these are considered as Islamic ethical behavior and imposes a great importance to it. Choose the most appropriate terms to fill the gap. a. lack of trust, promise and agreement b. customer, supplier and financiers c. trusts, promises and contracts d. profits, insurance and bank settlementsarrow_forward
- What are the differences between arbitration and civil litigation? Why is one approach better than the other approach to resolving disputes?arrow_forwardStudents must be able to identify the basis of a valid contract and its implications. Students must be able to apply the legal principles in solving relevant problems. 1. Ali bought a piece of land from Ahmad below the market price that is RM10,000. Does this considered as sufficient consideration under the contract law?arrow_forwardPlease help with an explanation of Mediation, Fact-Finding, and Interest Arbitration including what each procedure's contribution to resolving the impasse will look like.arrow_forward
- –Said is the owner of a shop. He places a notice on the window advertising the sale of batteries at half price. What kind of notice? You should provide in your answer: 1- What kind of contract 2- Legal or not 3- Express or implied or Quasi 4- Unilateral or Bilateral 5- Your reflection and commentsarrow_forwardHow do contracts relate to intellectual property rights, and what steps can parties take to protect their intellectual property when entering into agreements with other parties?arrow_forwardDetermine which type of intellectual property law applies and whether it would, in fact, provide any remedy. Remember to identify and explain the elements necessary to claim protection as intellectual property, why you think those elements are or are not present, and what other information you would need to make this determination. William Writer has developed a great idea for a novel. It will feature a young magician named Henry Pryor who attends a special high school for magicians. Henry has many interesting friends and even searches for the Philosopher’s Rock. Karen Kitchens is a fantastic cook. Her best dish is fried chicken. Her fried chicken is so good that her friends suggest she start a restaurant. After some thought, Karen agrees. She plans to open Kitchen’' Fried Chicken, but because the name is a bit long she decided to shorten it to KFC. Her sign will be red and white and feature an image of Karen’s father, a white-haired old man with a goatee. Sandy Secretary works for a…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage Learning
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning