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Business unit 1 and

TermDefinition
Negociation This is a non-legislative way of solving conflict. It is a process were both sides inloved in the dispute enter discussion with offers and counter-offers till an agreeable agreement is made.
Conciliation This is a non-legislative way of resolving conflict. A third party being invited to investigaste the dispute an hear both sides involved. The conciliator does not offer a soltuion, but instead helps both parties make an agreement.
Arbration This takes place when 2 disputing parties get a third party to arbrati. The parties involved agree to accept the decision made by the arbrater. The arbraters decison isn't law. E.g. A local concillor is invited to abrate a dispute with workers and emplyer
Contract This is a legally binding agreement between two or more parties. It can be oral, written or conduct. It has 7 elements. E.g. Employement contract.
Offer This is one of the 7 elements of a contract. It involes one party giving the other party something in exchange for something else. E.g. A man offers £3 for a bottle of milk.
Invitation to treat This is an invitation by the shoop for the consumer to make an offer. It is not the same as an Offer.
Consideration This is one of the 7 elements of a contr. It states for a contr to be vaildied both people in the contr must offer something of value, even if you want to give it away for free. E.g. A farmer offers £1 for land his friend wants to give away for free.
Consent to Contract This is one of the seven elements of a contract. It states both parties must have the intention to enter a contr.They musn't be forced into a contr.Eg.A man is forced to enter a contr because his life is threatned.This is not a valid contr
Capacity to Contract In order for a contr to be valid both parties must have the right to enter contract.Certain people dont have the right to enter such as the mentlly ill,under 18s,people who are under the influnce of alchol.Eg person is mentally ill, cant sell their house.
Preformance This is one way to terminaet a contr.It is when both parties fufill the contr as agreed.Eg A builder builds a house as agreed and is pays the amount agreed.
Frustration This is one way to end a contract. It is when an unforeseen event makes the contract uncompletable. E.g. A chef dies before being able to serve you your meal.
Agreement This is one way to terminate a contr. It is when both parties agree to terminate the contract. E.g. A couple cancels the wedding cake for their wedding.
Breach This is one way to terminate a contract. It involves one party breaking a condition in a contr. E.g. A wedding cake orderd dosen't show up for the wedding.
Condition This is a very important clause in a contract. It is so important when broken the contr ends. E.g. a band dosen't show up for the wedding.
Warranty This is a less important clause in a contr. Breaking the warranty dosen't end the contr. E.g. A band showing up 1 hour late for the wedding.
Specific Preformance This is one way to end a contr. It consits of one party asking the court to instruct the other party to carry out the contr as agreed. E.g. A builder refuses to build a house as agreed, the court instructs him to build the house.
Consumer This is somebdy who buys goods for their own use. They are not buying goods to resell. They are procted by consumer law. They can only buy from registerd traders. E.g. A person buying milk for their own use.
Coustmer This is someone who buys goods for their own use or to resell. They can buy from an unregisterd seller. E.g. Someone buys milk to resell.
Industiral Relations This is the term used to describe the relationship between employers and emoployee. Good industiral relations leds to better moral and prodictivity. Bad industiral relations leds to low moral and low prodictivity.
Trade unions These are intrest groups that represent employees of a similar trade. People join them because of there is strength in numbers. E.g. A.S.T.I
Created by: paulcarroll10
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