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contracts
| Term | Definition |
|---|---|
| cover | good faith reasonable effort to obtain goods from another source |
| alternative dispute resolution | to settle a dispute other than by litigation, including arbitration and mediation called adr |
| mediation | neutral helps parties understand each contracting parities position and may suggest solutions, but agreement ultimately comes from the parities. |
| neutral | a third party in adr, mediator or arbitrator |
| arbitration | a neutral hears both positions and imposes a decision. |
| court-annexed adr | use of the court system's own mediators or arbitrators before going to trial. |
| TRUE OR FALSE Does the UCC set forth the buyer's duties with respect to rejected goods and the buyer's right to "cover" by obtaining other goods? | TRUE: Does the UCC set forth the buyer's duties with respect to rejected goods and the buyer's right to "cover" by obtaining other goods? |
| True or False. Courts prohibit ADR agreements in contracts? | False: Many courts now require COURT-ANNEXED-ADR. iT IS COMMON FOR THE PARTIES INCLUDE ADR REQUIRMENTS IN THE CONTACT, REGARDLESS OF WHETHER THE COURT SYSTEM WOULD REQUIRE IT. |
| Binding Arbitration | Parties give up the right to challenge arbitration result in court |
| Choice of Law | Contract language that defines which state's law will apply in case of litigation |
| Parallel Litigation | Single dispute results in cases in more than one state or in both state and federal courts |
| Notice of Claims Provision | Contract language requiring one party to give4 other party written notice a specified time before filing suit |
| What three concerns to courts look at when deciding a remedy? | The party's expectations, what the parties did in reliance on the contract, and what should be restored to the parties. |
| Legal Remedy, what does it award | money |
| What is another name for a legal remedy | damages |
| what is a case at law | a case requesting damages |
| what is a case in equity or chancery | it is a case involving equitable remedies. |
| Do juries decide cases in equity? | no, a judge makes a decision in a case in equity. |
| What is another name for a case in equity | a chancery case |
| do courts often award cases in equity | no, only under limited circumstance, when a legal remedy would not be adequate. |
| Can a plaintiff chose his remedy? | yes the more modern view allows non breaching parities to seek remedies in both categories, unless the remedies are inconsistent or would be unjust |
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profluis
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