Business law Essay Example | Topics and Well Written Essays - 500 words - 20

Business law - Essay Example It is suitable in a business environment in which the party are able come together and the party values a relationship that they have enjoyed. An example is the case in which one party to a contract has breached terms of a contract. The parties can come together with the aim of reconstructing the contract or finding a suitable remedy to the injured party. The negotiation process will involve the elements of the Bloom’s Taxonomy as the parties consider available alternatives. The parties will remember terms of the contract and reasons for the breach in order to understand their positions. They can then use the information to generate possible solutions. An evaluation of the possible solutions can then inform the parties’ decision into formulation of a remedy or a collection of remedies to the dispute. In implementing the Bloom’s taxonomy in negotiation, the party can reach a solution that is acceptable to both of them and one that can sustain their existing relati onship (Miller and Jentz 75; Overbaugh and Schultz 1). Mediation is another form of alternative dispute resolution system that parties in a business environment can use. The method involves the role of a third party that tries to bring the parties together in order to reach a solution. The party is always neutral to the dispute and does not impose any solution to the parties. The third party may however propose solutions and try to enlighten the conflicting parties of the benefits of the solution. The parties to the conflict however reserve the power to make a decision on whether to resolve the conflict or not and the solution to accept. Unfair business practice, such as blackmailing advertisement, is an example of a situation in which mediation can be used. In case, the parties may have a tense inter-business relationship that makes it hard for them to come together and agree. A third party can however bring them together and help them to reflect on the problem and understand its root