BUSI 2601 Study Guide - Final Guide: Beekeeping
21 Jun 2016
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Litigation arises when one party brings a legal action against another. Plaintiff: the party that initiates a lawsuit against another party. Complicated litigation, in particular, is a drain on corporate resources, diverts operations from pro table business activities, and causes stress for those involved in the process. Limitation periods: the time period specified by legislation for commencing legal action. Class action: a lawsuit launched by one person who represents a class of persons having similar claims against the same defendant. Commercial litigation (which involves businesses suing businesses) is also known as private (or civil) litigation. The litigation process: litigation arises when one party brings legal actions against another, plaintiff and defendant, litigation is deployed when all feasible methods have failed and the claim cannot be abandoned, stressful. Weaknesses of litigation: slow, expensive, stressful, imposed decisions, no choice over process and decision maker, public, usually destroy relationships.
