Business Law Ch 4

  1. Adversarial negotiation
    Negotiation in which each party seeks to maximize its own gain.
  2. Alternative dispute resolution (ADR)
    The resolution of legal problems through methods other than litigation.
  3. Arbitration
    A type of alternative dispute resolution
  4. Binding arbitration clause
    A contract provision mandating that all disputes arising under the contract must be settled by arbitration.
  5. Med-arb
    A type of dispute resolution process in which both parties agree to start out in mediation and, if unsuccessful, to move on to arbitration.
  6. Mediation
    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.
  7. Minitrial
    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.
  8. Negotiation
    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.
  9. Private trial
    An ADR method in which a referee is selected and paid by the disputing parties to offer a legally binding judgment in a dispute.
  10. Problem-solving negotiation
    Negotiation in which the parties seek to achieve joint gain.
  11. Submission agreement
    A contract which provides that a specific dispute will be resolved in arbitration.
  12. Summary jury trial
    An abbreviated trial that leads to a nonbinding jury verdict.
Card Set
Business Law Ch 4
Business Law Ch 4