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Buss. Law - Ch. 5
Business Law - Chapter 5 - Alternatives for Resolving Controversies
| Term | Definition |
|---|---|
| negotiating | lawyers can be very effective in ___________ on behalf of their clients |
| mediation | the process involving a third party’s efforts to help disputing parties reach a settlement |
| arbitration | the procedure used, as an alternative to litigation, to submit a dispute to one or more third parties who have authority to impose a resolution to the dispute; less expensive and time consuming than litigation |
| submission | the act of the disputing parties to refer an issue to the arbitration process; governs the duties and powers of the arbitrators |
| award | the decision of the arbitrator; may be judicially enforced |
| award; judgment; civil | after an _____ is made, it is filed with the clerk of the court. After twenty days, if no exceptions are filed, it becomes a ________ upon which a writ of execution may be issued in the same manner as if a judgment had been entered in a _____ action |
| 1) the award covered matters beyond the issues submitted 2) the arbitrators failed to follow the statutory requirements 3) fraud or corruption permeated the decision; the court does not review the merits of the decision | under what criteria may a party file exceptions to an award? |
| judgment; contractual | appeals from a ________ may be taken as in any legal action, and ___________ provisions cannot deny such appeals |
| vacated; arbitrators | if it appears that an award should be _______, the court may refer it to the ___________, with instructions for correction and rehearing |
| voluntary arbitration | voluntary vs. mandatory submission parties agree in a contract (either before or after a dispute has risen) that they will arbitrate |
| mandatory arbitration | voluntary vs. mandatory submission required by statute or administrative regulation |
| de novo review | conducted when an allegation is made that procedures employed in the arbitration are unconstitutional |
| voluntary arbitration | voluntary vs. mandatory process varies considerably because of the individual contract nature of the arbitration |
| voluntary arbitration | voluntary vs. mandatory judicial review infrequent, and award is generally final |
| mandatory arbitration | voluntary vs. mandatory process usually quite formal, somewhat like a trial with rules of evidence |
| mandatory arbitration | voluntary vs. mandatory judicial review more common, de novo review by court |
| true | True of False: most disputes in our society are settled without resort to litigation |
| personal; economic | there are both ________ and ________ incentives to settle business-related disputes |
| The National Mediation and Conciliation Service | available to mediate labor disputes |
| common-law arbitration | such proceedings are based on an agreement of the parties that is revocable until the award; agreements to arbitrate future disputes aren't enforceable |
| arbitration statutue | requires a written agreement; submission is usually required within six months of the dispute |
| all; agreement; particular | submissions may result from an agreement to arbitrate ___ disputes that may arise in the future or from an _________ to arbitrate a __________ dispute |
| fact; law | if an award is within the power of the submission, a court will not change because of errors of ____ or errors of ___ |
| litigation | often necessary to enforce an award, which is treated as if it were a judgment of the court |
| rules of evidence | standards that determine whether evidence in a civil or criminal case is admissible; must be followed by the arbitrators in a case |
| order; issue; proceed | aggrieved party can request the court ? arbitration to proceed according to agreement’s terms. If the court determines that there's no ? with the contract or submission to arbitrate, it directs the parties to ? with arbitration according to the agreement |
| design; dropped; proceed | if there's debate over contract’s ?, the court tries to fix it with(out) a jury. if the court finds no contract, the petition's ?. if the court finds a contract wasn't met, the court will tell parties to ? with arbitration according to it |
Created by:
Kendall Posey
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