What Are the Terminologies Involved in Business Law Flashcards

What are the terminologies involved in business law? Businesses, before being set up and once they set up, are governed by rules and regulations that guide the way they do business. By using the flashcards below, you will get to understand the terms used in business law, do give them a read, and get to understand them much better.

11 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
Third party decides merits of dispute...MOST COMMONLY USED
Arbitration
Act of referring matter to arbitration, either voluntary or mandatory
Submissions
Person or group of people making decision, can be chosen by disputing parties, contract of statutes can govern how selected
Arbitrators
Decision of arbitrator, parties are generally bounded by it for they frame the issues to be resolved and define scope of arbitrator's powers, can be filed with clerk and enforced like a judgement
Awards
Required by statute for certain disputes, states are adopting this, speeds up process, case must be <$15,000 and specific subject matter
Mandated arbitration
Process of mandatory aribtration procedures
Submit claim, discovery, arbitrator determines admissability of evidence, law/facts of case and opinions, hearing

lasts 8 months....must shorter than litigation
Parties agree to method by either pre-dispute arbitration clause or post-dispute arbitration clause
Voluntary/contract based arbitration
In ______________________ arbitration, the award is final, the finding of the fact/law is conclusive and it is limited to review by the court
Voluntary/contract based arbitration
In ______________________ arbitration, judicial review is in accord with procedural/due process of law and is subject to constitutional changes
Statutorily/mandated
Process by which 3rd party attempts to assist disputing parties resolve differences- cannot impose binding solution
Mediation
Confidential meeting discussing options in mediation
Caucus