Definition: Arbitration- An act to provide disclosure standards for written consumer product warranties against defect or malfunction to Federal Content standards for such warranties.
A Short History of Arbitration:
Arbitration became part of U.S. law with the adoption of the U.S. Constitution and continued until the 1920's, when arbitration was legitimized though legislation. In 1926 the arbitration process was standardized and enhanced in statutory law though the first "modern" arbitration statue. Such statues are now the law in each state, and there is a federal arbitration act with similar provisions.