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Executive Summary

Executive Summary

According to United States law, the Federal Arbitration Act (FAA) is a statute, or written law, that applies to the transaction of conflicting parties in matters of interstate commerce. This act was first enacted in 1925 to ensure the validity and enforcement of arbitration arguments. Unfortunately, the application of the FAA to various arbitration agreements has been the subject of numerous lawsuits. Employers and businesses were initially using this method to avoid the judicial system, but instead are using it as a way to cheat their consumers.
Many consumers agree to binding mandatory arbitration clauses unaware of the repercussions that exist. Consumers are given an ultimatum in which their basic rights are absent throughout the argument mainly because of the mandatory arbitrations "take it or leave it" approach. As a result, consumers are faced to lower profit gain than expected.
This problem can easily be alleviated on the state and federal level......


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Approximate Word Count: 2665
Approximate Pages: 11 (250 words per double-spaced page)

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