Chapter 4.docx

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Management and Organizational Studies
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Management and Organizational Studies 2275A/B
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Prof

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Business Law Chapter Notes 10/18/2013 11:58:00 AM - Alternative Dispute Resolution: Range of options for resolving disputes as an alternative to litigation  Negotiation: Deliberation and discussion to reach a mutually accepted resolution to a dispute (Most Common) o Succeeding depends on:  Willingness to compromise and negotiate in good faith  Nature and significance of the dispute  Priority of the parties give to its resolution  Effectiveness of those involved in the negotiations  Mediation: Reach a decision based on help of a neutral party o Mediator: A person who helps parties resolve their dispute o Popular for resolving because:  Cheaper and quicker than other disputing methods  Private and confidential if the parties choose  Preserve relationship between parties  Result in resolution tailored to needs of the party  Arbitration: A process where a neutral person resolves a dispute (when mediation fails) o Arbitrator: Person who listens to the parties to a dispute and makes a ruling that is usually binding on the parties  Similar to litigation o The arbitration award, unless overturned in binding  Binding: Final and enforceable by courts - Litigation Process  One party brings legal action against another  Plaintiff: Party that stars the lawsuit against another party (Sue)  Defendant: Party that is being sued  Limitation Period: Time period specified by legislation for commencing legal action, rationales for strict period include o Providing strong incentive for plaintiffs to advance claims o Preventing plaintiffs from advancing old claims in which evidence has been lost o Providing defendants with a time where the threat of litigation comes to an end  Class Action: Lawsuit launched by one person who re
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