California Supreme Court on Arbitration Agreements
California Supreme Court Re-Affirmed an Arbitrator’s Power To Apply Equity!
A recent unanimous decision from the California Supreme Court re-affirmed an arbitrator’s power to apply equity in all situations.
Arbitrators are free to apply what is known as “common law”, an ancient set of principles handed down over centuries as unwritten law that have served as the basis of statutory law.
As an example, one of the elements of a valid contract, being a benefit (“consideration”) to both parties – the price must be stated and etcetera.
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THE CASE