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Business

Unit 1 & Unit 2

TermDefinition
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 on 2013-10-10



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