Business Law Discussion - One source of law in the United States

Columbia Southern University Business Law Discussion

QUESTION 11

One source of law in the United States is case law, sometimes called common law, which is based on the decisions of courts. The decision of a court resolves the dispute in the particular case that is in the court, but how can decisions of courts create a source of laws that apply beyond the case in which the decision was rendered?
 

QUESTION 12

In arbitration, the parties to the dispute select an independent arbitrator who hears evidence from both parties and decides how the dispute should be resolved. In civil litigation, a judge or jury hears the evidence from both parties and decides how the dispute should be resolved. What are the differences between arbitration and civil litigation? Why is one approach better than the other approach to resolving disputes?