BUSN 410 PRACTICE SOLUTION COMPLETE
QANDA STUDY REVIEW PACK
●● ADR
Answer: Alternative Dispute Resolution; offers faster, cheaper, more
efficient way to settle disputes; parties must voluntarily submit to it
●● Mediation
Answer: voluntary, non-binding concliation process where parties use
third party to assist in coming to reasonable solution. Starts with opening
statement, followed by each parties statement, followed by discussion on
issue (sometimes mediator needs to act as shuttle), closing ends with
written settlement agreement.
●● Arbitration
Answer: More formal, binding process that leads to an arbitral award
that is enforceable by courts in different countries. Used because of
neutral 3rd country, impartial arbitrators, privacy, evidence/discovery
rules. Clauses are present in contracts (90% of major agreements have
them)
●● Arbitration organizations
Answer: American Arbitration Assoc., International Court of Arbitration
of International Chamber of Commerce, WIPO Arbitration & Mediation
Center
, ●● Litigation
Answer: Parties go to court to get dispute settled; variations exist in jury
trials, judge roles, discovery process, lawyer compensations,
damages/appeals, substantive law;
●● Territorial Jurisdiction
Answer: Power over crimes committed within ones territory
●● In Rem Jurisdiction
Answer: Property in dispute is within a court's geographical barriers
●● Subject Matter Jurisdiction
Answer: Courts can hear specific types of matters; ex: federal court
hears issues about federal law
●● Diversity Jurisdiction
Answer: Fed court can hear case between U.S. citizen of one state and
either foreign citizen or citizen from another state; amount in dispute
must be > $75,000
●● In personam Jurisdiction
Answer: Court's power of a person/corporation. In U.S., a defendant is
subjected to in personam jurisdiction if he is not present in the terriorty
QANDA STUDY REVIEW PACK
●● ADR
Answer: Alternative Dispute Resolution; offers faster, cheaper, more
efficient way to settle disputes; parties must voluntarily submit to it
●● Mediation
Answer: voluntary, non-binding concliation process where parties use
third party to assist in coming to reasonable solution. Starts with opening
statement, followed by each parties statement, followed by discussion on
issue (sometimes mediator needs to act as shuttle), closing ends with
written settlement agreement.
●● Arbitration
Answer: More formal, binding process that leads to an arbitral award
that is enforceable by courts in different countries. Used because of
neutral 3rd country, impartial arbitrators, privacy, evidence/discovery
rules. Clauses are present in contracts (90% of major agreements have
them)
●● Arbitration organizations
Answer: American Arbitration Assoc., International Court of Arbitration
of International Chamber of Commerce, WIPO Arbitration & Mediation
Center
, ●● Litigation
Answer: Parties go to court to get dispute settled; variations exist in jury
trials, judge roles, discovery process, lawyer compensations,
damages/appeals, substantive law;
●● Territorial Jurisdiction
Answer: Power over crimes committed within ones territory
●● In Rem Jurisdiction
Answer: Property in dispute is within a court's geographical barriers
●● Subject Matter Jurisdiction
Answer: Courts can hear specific types of matters; ex: federal court
hears issues about federal law
●● Diversity Jurisdiction
Answer: Fed court can hear case between U.S. citizen of one state and
either foreign citizen or citizen from another state; amount in dispute
must be > $75,000
●● In personam Jurisdiction
Answer: Court's power of a person/corporation. In U.S., a defendant is
subjected to in personam jurisdiction if he is not present in the terriorty
