Quiz 10 - Test 2 Flashcards
Alternative Dispute Resolution
ADR. Non court proceedings where parties can settle disputes.
Neutral
term used to describe the mediator or arbitrator.
Mediation
Mediator does not make a decision but rather suggests solutions and lets the parties agree.
Arbitration
Arbitrator makes a decision after hearing the positions of the parties.
Binding Arbitration
Parties agree to be bound by the decision of the Arbitrator and give up the right to challenge in Court.
Legal Remedy
party seeks money damages
Equitable Remedy
usually damages other than money. Based on fairness.
Compensatory/Expectation Damages
Damages that puts the parties in the position they would have occupied had the contract been performed. Cannot be speculative.
Reliance Damges
Damages that are awarded when compensatory damages are too speculative. It puts the party in the position as if the contract had never been made.
foreseeable
Something that a reasonable person would anticipate happening as a result of their actions.
consequential/special damages
Losses that do not flow directly and immediately from a breach.
Liquidate damages
Damages that the parties agree to in advance and is made a part of the contract.
Specific Performance
An equitable remedy. Court orders the breaching party to perform the obligations of the contract.
Replevin
Recovery of property that is wrongfully in the possession of another.
Strict Liability
Liability regardless of fault.
