Question

True or False:In an arbitration agreement, the parties may choose to restrict the arbitrator's powers or let the arbitrator decide what is equitable and good.

Answer 1

In an arbitration agreement, parties can indeed choose to limit or extend the powers of the arbitrator, allowing for a range of decision-making based on what is equitable and good.

Step-by-step explanation:

The statement is true: In an arbitration agreement, the parties involved may choose to restrict the powers of the arbitrator or allow the arbitrator to decide what is fair and just. This flexibility allows parties to define the scope of the arbitrator's authority and set guidelines for the arbitration process. In some cases, parties may empower the arbitrator to make decisions based on principles of equity, rather than strictly adhering to legal statutes.