Business Law Class Notes
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| 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.
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| AMERICAN ARBITRATION ASSOCIATION (AAA) | The major organization offering arbitration services in the United States.
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| 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.
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| 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.
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| 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.
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| BANKRUPTCY COURT | A federal court of limited jurisdiction that handles only bankruptcy proceedings. Bankruptcy proceedings are governed by federal bankruptcy law.
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| 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.
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| 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.
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| 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.
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| 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.
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