Business Law

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1. Give an example of a case that would fall under diversity jurisdiction. Explain all of the key elements of such a case.
A federal court's power to hear any case where the amount in controversy exceeds $75,000 and no plaintiff shares a state of citizenship with any defendant. See 28 U.S.C. § 1332(a). Diversity jurisdiction is one of the two main types of subject-matter jurisdiction in federal court.
Definition from Nolo’s Plain-English Law Dictionary
The power of the federal courts to decide civil disputes between citizens of different states, provided the amount the plaintiff seeks in damages exceeds an amount set by Congress (currently $75,000). The so-called citizens may include companies incorporated or doing business in different …show more content…

If there is no judgment made, the case proceeds to the pre-trial stage. 5. What are the differences between conciliation, mediation and arbitration?
Arbitration is a method where the disputing parties involved present their disagreement to one arbitrator or a panel of private, independent and qualified third party “arbitrators.” This method is more adversarial. The arbitrator(s) determine the outcome of the case. By employing arbitration, the parties lose their ability to participate directly in the process. In addition, parties in arbitration are confined by traditional legal remedies that do not encompass creative, innovative, or forward-looking solutions to business disputes.
Mediation is a method where a neutral and impartial third party, the mediator, facilitates dialogue in a structured multi-stage process to help parties reach a conclusive and mutually satisfactory agreement. A mediator assists the parties in identifying and articulating their own interests, priorities, needs and wishes to each other. Mediation is a “peaceful” dispute resolution tool that is complementary to the existing court system and the practice of arbitration.
Conciliation is another dispute resolution process that involves building a positive relationship between the parties of dispute, however, it is fundamentally different than mediation and arbitration in several respects. Conciliation is a method

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