I. On April 1, Mike, a rap star, contacted Sam, for the purpose of leasing Sam's...

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I. On April 1, Mike, a rap star, contacted Sam, for the purpose of leasing Sam's house to be used as a recording studio. Sam showed Mike the house. Statement #1: Mike told Sam that he needed the house for a recording studio. Statement # 2: Sam told Mike that the electrical system was adequate to support a recording studio. Statement #3: Mike said that he would lease the house for six months on June 1 for $150,000. Statement #4: Sam said $250,000. Statement #5: Mike said $200,000. Statement #6: Sam said OK. ANSWER QUESTIONS 31 THRU 77 BASED UPON THE FOLLOWING FACTS II. On April 1, Owner made a contract with a contractor, an electrical contractor, to do electrical work on Owner's hotel for $1 million. A clause in the contract stated that for each day that the work was not completed, Contractor would be liable for $10,000.00 per day. The contract provided that the work be done by June 1. QUESTION 71 Arbitration hearings are conducted by the American Arbitration Association. ● True ● False QUESTION 72 The arbitrator is an expert. ● True ● False QUESTION 73 At arbitration, the arbitrator must apply the law. ● True ● False QUESTION 74 Fraud or Prejudiced of the arbitrator are grounds for appeal of an arbitrator's decision. ● True ● False QUESTION 75 After arbitration, the parties are free to litigate. ● True ● False I. On April 1, Mike, a rap star, contacted Sam, for the purpose of leasing Sam's house to be used as a recording studio. Sam showed Mike the house. Statement #1: Mike told Sam that he needed the house for a recording studio. Statement # 2: Sam told Mike that the electrical system was adequate to support a recording studio. Statement #3: Mike said that he would lease the house for six months on June 1 for $150,000. Statement #4: Sam said $250,000. Statement #5: Mike said $200,000. Statement #6: Sam said OK. ANSWER QUESTIONS 31 THRU 77 BASED UPON THE FOLLOWING FACTS II. On April 1, Owner made a contract with a contractor, an electrical contractor, to do electrical work on Owner's hotel for $1 million. A clause in the contract stated that for each day that the work was not completed, Contractor would be liable for $10,000.00 per day. The contract provided that the work be done by June 1. QUESTION 71 Arbitration hearings are conducted by the American Arbitration Association. ● True ● False QUESTION 72 The arbitrator is an expert. ● True ● False QUESTION 73 At arbitration, the arbitrator must apply the law. ● True ● False QUESTION 74 Fraud or Prejudiced of the arbitrator are grounds for appeal of an arbitrator's decision. ● True ● False QUESTION 75 After arbitration, the parties are free to litigate. ● True ● False

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