Business Law.txt

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DaisyStPatienc
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8463
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Business Law.txt
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2010-03-05 20:18:54
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Business Law
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Business Law Chapter 2 Flashcards
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  1. 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.
  2. American Arbitration Association AAA
    The major organization offering arbitration services in the US
  3. 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.
  4. 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.
  5. 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
  6. Bankruptcy Court
    A federal court of limited jurisdiction that handles only bankruptcy proceedings. Bankruptcy proceedings are governed by federal bankruptcy law.
  7. 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 state court.
  8. Diversity of Citizenship
    Under Article III, Section 2, of the constitution, a basis for federal court jurisdiction over a lawsuit between (1) citizens of different states, (2) a foreign country and citizens of a state or of different states, or (3) citizens of a state and citizens or subjects of a foreign country. The amount in controversy must bemore thank $75,000 before a federal court can take jurisdiction in such cases
  9. 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 evaluator's opinion forms the basis for negotiating a settlement
  10. 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 a state court.
  11. Federal Question
    A question that pertains to the US Constitution, acts of Congress, or treaties. A federal question provides basis for federal jurisidiction
  12. In Personam Jurisdiction
    Court jurisdiction over the "person" involved in a legal action; personal jurisdiction.
  13. In Rem Jurisdiction
    Court jurisdiction over a defendant's property.
  14. Judicial review
    The process by which courts decide on the constitutionality of legislative enactments and actions of the exectuive branch.
  15. Jurisdiction
    The authority of a court to hear and decide a specific action.
  16. Justiciable (jus-tish-a-bul) Controversy
    A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.
  17. Litigation
    The process of resolving a dispute through the court system.
  18. Long Arm Statute
    A state statue that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have "minimum contacts" with that state for the statute to apply
  19. Mediation
    A method of settling disputes outside of court by using the services of a neutral third party, called a mediator. The mediator acts as a communicating agent between the parties and suggests ways in which the parties can resolve their dispute.
  20. Mini-Trial
    A private proceeding in which each party to a dispute argues its position before the other side and vice versa. A neutral third party may be present and act as an advisor if the parties fail to reach an agreement.
  21. Negotiation
    (1) In regard to dispute settlement, a process in which parties attempt to settle their dispute without going to court, with or without attorneys to represent them. (2) In regard to instruments, the transfer of an instrument in such a way that the transferee (the person to whom the instrument is transferred) becomes a holder.
  22. Online Dispute Resolution (ODR)
    The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the internet
  23. Probate Court
    A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
  24. Questions of Fact
    In a lawsuit, an issue involving a factual dispute that can only be decided bya judge (or, in a jury trial, a jury).
  25. Question of law
    In a lawsuit, an issue involving the application or interpretation of a law; therefore, the judge and not the jury, decides the issue.
  26. Rule of Four
    A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ
  27. Small Claims Court
    Special courts in which parties may litigate small claims (usually claims involving $2,500 or less). Attorneys are not required in small claims courts, and in many states attorneys are not allowed to represent the parties.
  28. Standing to Sue
    The requirement that an individual must have a sufficient stake in the controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she either had been injured or threatened with injury.
  29. Summary Jury Trial (SJT)
    A method of settling disputes in which a trial is held, but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately follow the summary jury trial.
  30. Venue
    The geographical district in which an action is tried and from which the jury is selected.
  31. Writ of Certiorari (sur-shee-uh-rah-ree)
    A writ from a higher court asking the lower court for the record of a case.

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