(a) A written agreement to submit a controversy to arbitration at common law is valid and enforceable if the agreement is to arbitrate a controversy that arises between the parties after the date of the agreement.
(b) A party may revoke the agreement only on a ground that exists at law or in equity for the revocation of a contract.

Terms Used In Texas Civil Practice and Remedies Code 173.003

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005

(c) A provision in the bylaws of a nonprofit corporation incorporated under the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon’s Texas Civil Statutes) or under Subchapter C, Chapter 23, Business Organizations Code, that requires a member of the corporation to arbitrate at common law a controversy that subsequently arises between members or between the corporation and its members is a valid, enforceable, and irrevocable agreement by a member of the corporation to arbitrate the controversy.

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