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Business Law Ch 2.1

Business Law Class Notes

QuestionAnswer
ALTERNATIVE DISPUTE RESOLUTION (ADR) The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation, mediation, and arbitration are forms of ADR.
AMERICAN ARBITRATION ASSOCIATION (AAA) The major organization offering arbitration services in the United States.
ARBITRATION The settling of a dispute by submitting it to a disinterested third party (other than a court) who renders a decision. The decision may or may not be legally binding.
ARBITRATION CLAUSE A clause in a contract that provides that in the event of a dispute, the parties will submit the dispute to arbitration rather than litigate the dispute in court.
AWARD In the context of litigation, the amount of money awarded to a plaintiff in a civil lawsuit as damages. In the context of arbitration, the arbitrator's decision.
BANKRUPTCY COURT A federal court of limited jurisdiction that handles only bankruptcy proceedings. Bankruptcy proceedings are governed by federal bankruptcy law.
CONCURRENT JURISDICTION Jurisdiction that exists when two different courts have the power to hear a case. For example some cases can be heard in either a federal or a state court.
DIVERSITY OF CITIZENSHIP Under Article III, Sect.2, of the Const., a basis for federal crt jurisdiction over a lawsuit between (1)citizens of different states (2)a foreign country and citizens of a state or of different states. The amount in controversy must be $75,000.
EARLY NEUTRAL CASE EVALUATION A form of alternative dispute resolution in which a neutral third party evaluates the strengths and weakness of the disputing parties' positions; the evaluators opinion forms the basis for negotiating a settlement.
EXCLUSIVE JURISDICTION Jurisdiction that exists when a case can be heard only in a particular court or type of court such as a federal court or state court.
Created by: Alhedaithy
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