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Question 1
The first law passed permitting binding arbitration was:
Correct
Incorrect!
Correct In 1920, New York passed the first statute permitting (i.e., enforcing) agreements to enter into binding arbitration. The FAA followed in 1925. The UAA is a MODEL first drafted in 1955 (and recently amended in 2000) upon which many states have based their laws, but is not itself law. There is no 'Diversity Jurisdiction Act.'
Incorrect! In 1920, New York passed the first statute permitting (i.e., enforcing) agreements to enter into binding arbitration. The FAA followed in 1925. The UAA is a MODEL first drafted in 1955 (and recently amended in 2000) upon which many states have based their laws, but is not itself law. There is no 'Diversity Jurisdiction Act.'
Correct
Incorrect!
Correct
Incorrect!
Question 2
Prior to the Federal and various state acts permitting arbitration, agreements to arbitrate were unenforceable because of:
Correct Prior to the passage of these acts, the law of contracts did not permit a court to enforce a contractual agreement to arbitrate some future, as-yet-nonexistent, claim. Therefore, although parties could include such clauses in their contracts, if a claim arose and one party decided not to honor the contract, the aggrieved party could not sue for breach of contract.
Incorrect! Prior to the passage of these acts, the law of contracts did not permit a court to enforce a contractual agreement to arbitrate some future, as-yet-nonexistent, claim. Therefore, although parties could include such clauses in their contracts, if a claim arose and one party decided not to honor the contract, the aggrieved party could not sue for breach of contract.
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Question 3
The Federal Arbitration Act (FAA) is limited to:
Correct
Incorrect!
Correct
Incorrect!
Correct So long as Federal law applies, the FAA applies, but it is then limited to maritime conflicts and conflicts involving commerce. Of course, this latter limitation permits for quite broad applicability. Any conflict which involves 'commerce' will fall under the Act.
Incorrect! So long as Federal law applies, the FAA applies, but it is then limited to maritime conflicts and conflicts involving commerce. Of course, this latter limitation permits for quite broad applicability. Any conflict which involves 'commerce' will fall under the Act.
Correct
Incorrect!
Question 4
The FAA makes agreements to arbitrate:
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Correct The FAA, insofar as it applies to an arbitration clause, makes the agreement to arbitrate 'valid, irrevocable, and enforceable (FAA, Ch. 1, section 2).
Incorrect! The FAA, insofar as it applies to an arbitration clause, makes the agreement to arbitrate 'valid, irrevocable, and enforceable (FAA, Ch. 1, section 2).
Question 5
True or False: The Federal Arbitration Act is another name for the Uniform Arbitration Act.
Correct
Incorrect!
Correct The Federal Arbitration Act was passed in 1925 and is a Federal law. The Uniform Arbitration Act IS NOT LAW but is, rather, a model upon which many states have based their arbitration acts. The Revised Uniform Arbitration Act is simply a way of referring to the UAA as revised in 2000. Some states have already incorporated those revisions into their acts, while others have not. When state law applies to a case, it is that state's act, usually some version of the UAA, which applies, and the FAA plays no part.
Incorrect! The Federal Arbitration Act was passed in 1925 and is a Federal law. The Uniform Arbitration Act IS NOT LAW but is, rather, a model upon which many states have based their arbitration acts. The Revised Uniform Arbitration Act is simply a way of referring to the UAA as revised in 2000. Some states have already incorporated those revisions into their acts, while others have not. When state law applies to a case, it is that state's act, usually some version of the UAA, which applies, and the FAA plays no part.
Question 6
Which section of the Federal Arbitration Act tells you how and when to notify the opposing party that you are filing a motion to vacate an arbitration award?
Correct
Incorrect!
Correct
Incorrect!
Correct Section 10 and Section 11 give the grounds for vacating an award or modifying or correcting an award. It is Section 12 which tells us how to notify the opposing party about our motion. Section 13 then indicates the additional documents to file with the court clerk at the appropriate time.
Incorrect! Section 10 and Section 11 give the grounds for vacating an award or modifying or correcting an award. It is Section 12 which tells us how to notify the opposing party about our motion. Section 13 then indicates the additional documents to file with the court clerk at the appropriate time.
Correct
Incorrect!