This article begins by distinguishing between the business case and the negotiation exercise in terms of both learning process and outcome. The debriefing receives special consideration, as this portion of the negotiation exercise is critical to achieving effective learning outcomes. This is followed by an introduction, overview, and a detailed teaching plan for a negotiation exercise - The Second South American Conference on the Environment. This specific negotiation exercise is used to illustrate the important relationship between learning process and outcome and the critical link that the debriefing plays in achieving such outcomes. Learning objectives include (1) comparing bilateral and multilateral negotiations, (2) examining sources of power, and (3) identifying social norms that contribute to negotiation outcomes. A number of learning points can be highlighted during the debriefing including the important role that social norms play in shaping negotiation outcomes including the the equity principle, equality principle, margin principle, power principle, and need principle. The article concludes by presenting the views of Australian university students on the learning they gained by engaging in this negotiation exercise.