Question 1 - Using the appropriate legal terminology, assess the procedural framework of the American legal system and, from the perspective of a business, the costs and benefits of the options available for dispute resolution. For example, should every business contract contain a provision for mandatory arbitration? Assess the costs and benefits to the corporation; appraise the costs and benefits to the consumer. Give examples to support your position.
Question 2 - Focusing on the fundamental principles of business law and providing examples, discuss the Constitutional basis of American law as the authority under which businesses must operate. Specifically, what do you think: Is viewing a corporation as a “person” with Constitutional rights and responsibilities a benefit or a detriment to the corporation? Is it a benefit or a detriment to society? Defend each conclusion with contemporary examples from your own experience or the general business arena.
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1. Dispute resolution can be done mainly through the methods of mediation, arbitration and litigation. Of this, litigation is the most expensive and time-consuming process since it is based on the decision of the Court. Mediation and arbitration are not as expensive and lengthy as litigation since a third party listens to the disputing sides and gives a decision. Decision has to be implemented in case of arbitration and it is optional with case of mediation. Normally, businesses try to use mediation and arbitration before they go for litigation....
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