Business Law Exam 1

Alternative Dispute Resolution

The resolution of disputes in ways other than those involved in the traditional judicial process, such as negotiation, mediation, and arbitration

Answer

Procedurally, a defendant's response to a complaint, admitting or denying each allegation.

Complaint

The pleading made by a plaintiff alleging wrongdoing on the part of the defendant. When filed with court, the complaint initiates a lawsuit

Counterclaim

A claim made by a defendant in a civil lawsuit against the plaintiff. In effect, the defendant is suing the plaintiff

Default Judgement

A judgement entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiffs claim

Deposition

The testimony of a party to a lawsuit or a witness taken under oath before a trial

Discovery

A method by which the opposing parties obtain information from each other to prepare for trial

Docket

The list of cases entered on a court’s calendar and thus scheduled to be heard by the court

Interrogatories

A series of written questions for which written answers are prepared by a party to a lawsuit, usually with the assistance of the party’s attorney and then signed under oath

Jurisdiction

The authority of a court to hear and decide a specific case

Litigation

The process of resolving a dispute through the court system

Long Arm Statue

A state statue that permits a state to exercise jurisdiction over nonresident defendants

Service of Process

The delivery of the complaint and summons to the defendant

Mediation

a method of settling disputes outside the courts by using the services of a neutral third party who acts as a communicating agent between the parties and assists them in negotiating a settlement

Motion to Dismiss

A pleading in which a defendant admits the facts as alleged by the plaintiff but asserts that the plaintiffs claim to state a cause of action has no basis in law

Negotiation

A process in which parties attempt to settle their dispute informally, with or without attorneys to represent them

Pleadings

Statements by the plaintiff and the defendant that detail the facts, charges, and defenses in a case

Service of Process

The delivery of the complaint and summons to the defendant

Small Claims Court

A special court in which parties can litigate small claims without an attorney

Standing to sue

The legal requirement that an individual must has a sufficient stake in a controversy in order to bring a lawsuit

Venue

The geographic district in which a legal action is tried and from which the jury is selected

Voir Dire

A part of the jury selection process in which the attorneys question prospective jurors about their backgrounds, attitudes, and biases to ascertain whether they can be impartial jurors. “To see, to speak”

Business Ethics

The application of moral principles and values in a business context

Corporate Social Responsibility (CSR)

The idea that corporations can and should act ethically and be accountable to society for their actions

Cost Benefit Analysis

A decision-making technique that involves weighing the costs of a given action against the benefits of that action

Duty Based Ethics

An ethical philosophy rooted in the idea that every person and business has certain duties to others, including both humans and the planet

Ethics

Moral principles and values added to social behavior

Moral Minimum

The minimum level of ethical behavior expected by society, which is usually defined as compliance with the law

Outsourcing

The practice by which a company hires an outside firm or individual to perform work rather than hiring employees to do it

IDDR

“ desire to do right.” 1. Inquiry 2. Discussion 3. Decision 4. Review