Alternative Dispute Resolution (ADR) encompasses various methods of resolving legal disputes without resorting to civil litigation. This includes processes like arbitration, conciliation, and mediation, which are often favored for their efficiency, cost-effectiveness, and less adversarial nature.
Civil liability refers to the legal responsibility one individual has to another as a result of non-criminal actions, such as torts or breaches of contract. It encompasses the obligations and potential legal consequences that may arise in civil court.
A suit is a legal proceeding through which an individual or entity pursues a remedy that could be allowed by a court of law. It represents a formal dispute resolution process where judicial decisions are sought for enforcement of legal rights and obligations.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.