Business Law Ch 4
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Negotiation in which each party seeks to maximize its own gain.
Alternative dispute resolution (ADR)
The resolution of legal problems through methods other than litigation.
A type of alternative dispute resolution
Binding arbitration clause
A contract provision mandating that all disputes arising under the contract must be settled by arbitration.
A type of dispute resolution process in which both parties agree to start out in mediation and, if unsuccessful, to move on to arbitration.
A type of intensive negotiation in which disputing parties select a neutral party to help facilitate communication and suggest ways for the parties to solve their dispute.
A type of conflict resolution in which lawyers for each side present their arguments to a neutral adviser, who then offers an opinion on what the verdict will be if the case goes to trial. This decision is not binding.
A bargaining process in which disputing parties interact informally to attempt to resolve their dispute. (2) The transfer of the rights to a negotiable instrument from one party to another.
An ADR method in which a referee is selected and paid by the disputing parties to offer a legally binding judgment in a dispute.
Negotiation in which the parties seek to achieve joint gain.
A contract which provides that a specific dispute will be resolved in arbitration.
Summary jury trial
An abbreviated trial that leads to a nonbinding jury verdict.
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