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definitions
| Term | Definition |
|---|---|
| stakeholders | the people who play a part in the operation of business and are affected by its decisions |
| entrepeneur | is someone who takes a risk to set up a business to make a profit e.g. bill gates |
| enterprise | |
| investors | they provide some of the finance to turn an idea into a business e.g. a bank gives out loans or you have private investors e.g. dragons den |
| consumer | they buy goods and services that are provided by entrepeneurs |
| competitive relationship | this is a win lose situation |
| co-oprative relationship | this is a win win situation |
| intrest groups | is an organisation whose aim is to influence decisions made by the government and the eu |
| lobbying | means trying to persuade the decision maker through an organised campaign, usually involving discussions at which the organisations views are put forward |
| conflict | this occurs when people disagree |
| concillation | is an attempt by an agreed third party to settle the dispute by hearing the issues the employer and workers have and to suggest a solution to settle the issue |
| arbitration | this is where both parties to an industrial dispute ask for an independant third party called an arbitrator to be appointed to reslove conflict |
| contract | a contract is a binding agreement enforced by law it can be written,oral and implied |
| offer | the formation of a contract involves one party making an offer to another party |
| acceptance | when an offer is accepted it is bringing on all parties |
| consideration | this is something of value offered by a party to a contract in exchange for something of value recived e.g. a car |
| consent | the parties to a contract must agree to its terms |
| intention to contract | must be the intention of the parties to create a legally binding agreement |
| capacity to contract | in order for an agreement to be a valid contract the parties must have the legal right to do so e.g. a person under 18 does not |
| Legality of purpose | this means that legally binding contracts can only be for legally binding transactions |
| Legality of form | a contract must be drawn up in a legal form |
| invitatin to treat | its an ivetation to someone to make an offer which can be accepted or rejected |
| agreement | both parties agree to end contract early therefore they are free from any legal charges e.g. a premiership player is not scoring enough goals & is under pressure from fans he agrees to leave the club |
| performance | this is the most usuall way to end a contract & there must be complete & exact performance by the parties involved e.g. a two year work contract comin to an end |
| frustration | due to unforseen circumstances its deemed impossible to carry out the contracts e.g. the planned micheal jackson concerts did not go ahead due to his death |
| breach | a condition on a contract was broken by one of the parties e.g. in october 2011 man city player carlos tevez was fined and suspended when he refused to play in a champions league match |
Created by:
daniel2799
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