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Question 1
High-Low arbitration is when:
Correct High-low arbitration is quite popular with some attorneys, and sets a maximum and minimum award (often without the arbitrator's knowledge). Interestingly, high-low agreements can also exist in court cases, where the parties agree on a range which, once the jury arrives at its verdict, provides a maximum and minimum award at trial.
Incorrect! High-low arbitration is quite popular with some attorneys, and sets a maximum and minimum award (often without the arbitrator's knowledge). Interestingly, high-low agreements can also exist in court cases, where the parties agree on a range which, once the jury arrives at its verdict, provides a maximum and minimum award at trial.
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Question 2
True or false: "Customized" arbitration, such as high-low arbitration, must satisfy judicial scrutiny before the parties can enter into an agreement.
Correct
Incorrect!
Correct Although general principles of contracts apply, the parties to an arbitration may customize and limit arbitration in almost any way they see fit. This is one of the distinct advantages which arbitration holds over litigation.
Incorrect! Although general principles of contracts apply, the parties to an arbitration may customize and limit arbitration in almost any way they see fit. This is one of the distinct advantages which arbitration holds over litigation.
