CBSE Questions for Class 12 Commerce Legal Studies Arbitration,Tribunal Adjudication And Alternate Dispute Resolution Quiz 4 - MCQExams.com

An arbitrator _______.
  • is chosen and paid by the disputant
  • acts in accordance with privately chosen procedure so far as that is not repugnant to public policy
  • only (a) is correct
  • both (a) and (b) are correct
To invoke international commercial arbitration it is necessary that at least one of the parties is ____________.
  • a body corporate which is incorporated in any country other than India
  • the Government of a foreign country
  • an individual who is a national of, or habitually resident in any country other than India
  • all of the above
Finality to arbitral awards within meaning of section $$35$$ of the Arbitration and Conciliation Act, $$1996$$ shall _______.
  • not be binding on parties
  • be binding on government authority
  • be binding on first party only
  • be binding on the parties and person claiming under then respectively
A sum directed to be paid by an arbitral award shall carry interest ________.
  • $$@ 6\%$$ per annum from the date of the award till the date of payment
  • $$@ 12\%$$ per annum from the date of the award till the date of payment
  • $$@ 18\%$$ per annum from the date of the award till the date of payment
  • $$@ 24\%$$ per annum from the date of the award till the date of payment
An arbitral award ______.
  • has to be in writing but need not be signed
  • has to be in writing and signed by the members of the arbitral tribunal
  • may be oral
  • either (a) or (b) or (c)
Which of the following in the correct statement?
  • An arbitral award can be inferred with if it is contrary to the substantive provisions of the Act or against the terms of the contract.
  • An arbitral award can be set aside if the arbitral tribunal has not followed the mandatory procedure prescribed under the Act.
  • An arbitral award can be set aside if it is contrary to fundamental policy of Indian law, or the interest of India, or justice or morality.
  • All of the above
Which one of the following is incorrect statement ?
  • An arbitral award is a contract.
  • An arbitral award must be in writing and signed.
  • An arbitral award includes an interim award.
  • None of the above
After the arbitral award is made, each party shall be delivered _______.
  • the original award
  • a signed copy of the award
  • a photocopy of the award
  • an unsigned copy of the award
An arbitral award ________.
  • must state the reasons upon which it is based
  • must state the reasons upon which it is based only when the parties have agreed for the same
  • need not state the reason upon which it is based
  • may state or may not state the reasons upon which it is based as per discretion of the members of the arbitral tribunal
An arbitral award becomes enforceable when _______.
  • the time for making an application for setting aside the arbitral award has expired and no such application has been made
  • an application for setting aside the arbitral award has been refused
  • either (a) or (b)
  • neither (a) nor (b)
An arbitral award shall be enforced in the same manner as if it were a decree of _______.
  • local authority
  • the court
  • the tribunal
  • both (b) and (c)
Ad-hoc arbitration can be sought _______________________.
  • when the parties involved in commercial transaction choose to incorporate arbitration clause as a part of agreement to refer their future disputes
  • when a dispute that arose between the parties to a business transaction could not be settled through mediation or conciliation
  • when the parties agree to submit to arbitration 'all or any' differences which have arisen or may arise
  • only (b) and (c)
A written statement of the reasons for the challenge to the arbitral tribunal has to be sent within ____________.
  • $$15$$ days of becoming aware of the constitution or the reasons
  • $$30$$ days of becoming aware of the constitution or the reasons
  • $$7$$ days of becoming aware of the constitution or the reasons
  • $$60$$ days of becoming aware of the constitution or the reasons
Which is incorrect statement?
  • Arbitrator is a person to whom the matters in the dispute are submitted by the parties.
  • The Arbitral Tribunal can make the law of it own.
  • The Arbitral Tribunal is the creature of an agreement
  • Both (B) and (C) are incorrect
The arbitral tribunal may arrange for administrative assistance _______.
  • with the consent of the parties
  • with the consent of the claimant
  • without the consent of the parties
  • of its own, irrespective of the consent of the parties
A 'party' within the meaning of section $$2$$ Arbitration & Conciliation Act, $$1996$$ means ______.
  • party to the contract
  • party to the arbitration agreement
  • party to the suit/proceedings
  • either (a) or (b) or (c)
Court under section $$2(1)$$(e), Arbitration and Conciliation Act means ______.
  • Court of Small Causes
  • Principal Civil Court and Civil Court of an inferior grade
  • Principal Civil Court of original jurisdiction
  • all of the above
The arbitral tribunal may arrange for administrative assistance by a suitable ______.
  • institution
  • person
  • either institution or person
  • neither (a) nor (b)
Private arbitration is also described as _______.
  • integral arbitration
  • consensual arbitration
  • domestic arbitration
  • none of the above
Statutory arbitration is ______________________.
  • imposed on the parties by operation of law
  • a compulsory arbitration
  • where consent of the parties is not necessary
  • All of the above
The definition of 'Arbitral Tribunal' under the Arbitration and Conciliation Act, $$1996$$ means _______.
  • sole arbitrator or a panel of arbitrators
  • sole arbitrator only
  • panel of arbitrators only
  • presiding officer
A party shall be precluded from raising the question of jurisdiction of arbitral tribunal _____________.
  • where he has appointed the arbitrator
  • where he has participated in the appointment of the arbitrator
  • both (a) and (b)
  • neither (a) nor (b)
The expression 'International Commercial Arbitration' has been defined in ______________.
  • Section $$2(1)$$(e)
  • Section $$2(1)$$(g)
  • Section $$2(1)$$(f)
  • None of the above
Under section $$7$$, Arbitration and Conciliation Act, $$1996$$, an arbitration agreement ________.
  • shall be in writing
  • may be oral
  • either in writing or oral
  • neither in writing nor oral
The members of Statutory Arbitral Tribunals are appointed by __________.
  • parties themselves
  • state
  • centre
  • None of the above
During the arbitral proceedings the arbitral tribunal ___________.
  • can make interim award
  • may require a party to provide appropriate security
  • both (a) and (b)
  • either (a) or (b)
The arbitral tribunal has the jurisdiction to _______.
  • award interest on the whole or part of the money
  • award interest on the whole of the money Only
  • award interest on part of the money only
  • either (b) or (c)
The arbitral tribunal has the jurisdiction to rule ______.
  • on its own jurisdiction
  • on objections as to the existence of the arbitration agreement
  • on objection as to the validity of the arbitration agreement
  • all of the above
The expression 'Arbitration agreement' under section $$7$$ of Arbitration and Conciliation Act, $$1996$$ means ______.
  • any agreement which have arisen under the Arbitration Act of $$1940$$
  • any agreement to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, contractual or not
  • any agreement to submit to arbitration certain disputes of civil nature
  • any agreement to submit to arbitration certain disputes of criminal nature
The arbitrator in case of international commercial arbitration is appointed by ___________.
  • parties themselves
  • Attorney - General of India
  • Chief Justice of India
  • Judge of the Supreme Court
  • both (a) and (c)
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