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Business
Unit 1 & Unit 2
| Term | Definition |
|---|---|
| offer | this means that one party makes an offer to another party. it may be oral. written or by conduct, the offer is legally binding if accepted by the offeree. |
| conciliation | this is a non legislative method of resolving conflict between stakeholders. it is a process where both sides enter a series of discussions with offers and counter offer until they reach an agreement acceptable to both. |
| arbitration | this takes place when 2 disputing parties agree to call a third party whom they both trust. before the arbitration both parties must agree to accept the decision of the arbitrator. eg, in the labour court. |
| contract | a legally binding agreement between 2 or more parties it can be oral(spoken)written or by conduct(supermarket) it has to have 7 elements to be a valid contract. some contracts must be written. eg,insurance policy. |
| invitation to treat | an invitation to treat is an invitation by the shop for the consumer to make an offer. it is not an offer. eg, dress on Mc Elhinnrys window. |
| consideration | each party to the contract must give something of value. eg, customer gives shop keeper money in return for groceries |
| consent to contract | each party must give real agreement to the contract pressure cannot be put on a person to enter a contract. |
| capacity to contract | persons under age of 18, persons insane or drunk cannot enter into a contract. a company cannot enter into a contract either if it has in its memorandum of association they manufacture shoes. |
| performance | is a way of terminating a contract. each party does what they were contracted to do. eg building contractor builds house as agreed and consumer pays the money. |
| frustration | way of ending a contract. this is where an unforeseen event occurs and makes the contract impossible to be carried out. eg, death, bank ruptey. |
| negotation | this is a non legislative method of resolving conflict between stakeholders. it is a process where both sides enter a series of discussions with offer and counter offer until they reach an agreement acceptable to both |
| risk | an entrepreneur takes many risks in setting up a business, risk their money and reputation eg, orla kiely |
| stake holders | the people who play a part in the operation of the business and are affected by its decisions are called stake holders eg, producer |
| entrepreneur | an entrepreneur is a person who uses initiative to bring together all the resources needed to set up a business eg, orla kiely. |
| producer | is someone that turns raw materials into finished products. eg, glanbia turns milk into yoghurt. |
| supplier | it provides raw materials needed by the producers. they compare for contracts eg, dairy farmer |
| service provider | are people or organisations that provide support services to the public or businesses eg, financial institutions. |
| employer | is a person or organisations who hires people to work in return for a wage. example, McCann and Byrne. |
| Work to rule | workers only carry out the work specified in their contract. they have to follow their contract exactly they cannot do extra work. |
| official strike | it is complete withdrawal of labour, workers are entitled to strike pay a strike has to be confirmed by the ICTU, 7 days notice has to be given to the employers. |
| Breach | this is a termination of a contract- one party breaks a condition of the contract. for example, a wedding cake which was delivered the day after the wedding, this does not have to be paid for. |
| Specific Performance | this is a remedy for breach of contract. this means asking a court to instruct the other party to carry out the contract as agreed. Example, builder agree to build wall in front of house- not finished. the judge instructs him to finish it. |
| shop steward | is an elected representative of union members in the workplace. he/she acts as a communication link between members or there unions. |
| Trade Union | is a body representing employees views with their employers, union members elect a shop steward to represent them in negotiations with the employers. eg, impact. |
| industrial relations | this is the term used to describe the relations between the management of a firm and its employers. if industrial relations are good employees will be well motivated and as a result morole and productivity will be high. |
| unfair grounds for dismissal | Pregnancy, race, membership of the travelling community, age, sexual orientation, religious beliefs. |
| fair ground for dismissal | worker misconduct, worker incapable of doing the job or not suitably qualified necessary. |
| remedies for unfair dismissal | re instatement in job without financial loss and/or financial compensation. |
| constructive dismissal | refers to a situation where an employer makes it so difficult for an employee in the workplace that they are forced to stay out or to leave work. |
| functions of the equality authority | Eliminate discrimination in employment, promote equality of opportunity for all and assist people in bringing complaints under the act. |
| discrimination | is defined as treating one person less favourably than another. |
Created by:
sophieosullivan97
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