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contracts

TermDefinition
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
Created by: profluis