BusinessLawTest1Terms

BusinessLawTest1Terms - 1. common law developed by judges...

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1. common law – developed by judges who issued their opinions when deciding a case. The principles announced in these cases became precedent for later judges deciding similar cases. 2. precedent – a rule of law established in a court decision. Lower courts must follow the precedent established by higher courts. 3. jurisdiction – the authority of a court to hear a case (“the power to speak the law”). 4. long arm statute – a statute that extends a state’s jurisdiction to nonresidents who were not served a summons within the state. 5. diversity of citizenship – a case between (1) citizens of different states, (2) a citizen of a state and a citizen or subject of a foreign country, and (3) a citizen of a state and a foreign country is the plaintiff. 6. concurrent jurisdiction – jurisdiction shared by two or more courts. 7. exclusive jurisdiction – jurisdiction held by only one court. 8. venue – a concept that requires lawsuits to be heard by the court with jurisdiction that is nearest the location in which the incident occurred or where the parties reside. 9. alternative dispute resolution (ADR) – methods of resolving disputes other than litigation. 10. writ of certiorari – an official notice that the supreme court will review one’s case. 11. arbitration – a form of ADR in which the parties choose an impartial 3 rd party to hear and decide the dispute. A non-judicial method of dispute resolution whereby a neutral third party decides the case. 12. mediation – a form of ADR in which the parties choose a neutral third party to act as the mediator of the dispute. 13. Commerce Clause
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BusinessLawTest1Terms - 1. common law developed by judges...

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