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Business

Unit 1 and 2

TermDefinition
Customer A customeris simply someone who buys something weather they useit or to re-sell it
Employer The business itself is the employees directs them according to their agreed contract of employment
Negotiation Is a process in which two sides which have conflicting demands work througha serious
Trade Association A Trade Association represents a business which are in the same trade or line of business
Offer This Means that one partymakes a proposal,which is legally binding if it is accepted unconditionally by the other party
Stakeholders The peoplewho play a part in the operation of a business and are effected by it's decision are called stakeholders e.g Cully and Sully, Orla Kielly
Entrepreneurs An Entrepreneur is a person whouses intiative to bring together all the resources needed to set up a business and bears the risk of loss if it should fail e.g Ryanair
Producer A producer is like a farmer who would milk the cows and send the milk to Glambia so they can sell it in shops
Supplier Each business depends on supplies to deliver these material or goods at the right time to a satisfactory quality and at the right price e.g Glambia
Service Provider These service are vitally important for the business to operate efficiently. The business needs a good quality service delivered reliably at low cost e.g Eircom
Non-Legislative Using methods which are not based on laws or on institutions which are set up under laws, For example, Discussing an issue and reaching an agreement
Legislative Using the force of law, or some institution set up by law to resolve the conflict
Investors Often, Entrepreneur will not have enough money to get the business established. So they have to convince investers to risk their money on the venture
Employees Businesses employ people to do the work needed to produce or to sell the goods or services. In return the employees recieve wages and other benifits
Consumer A Consumer is a person who buys a good or service fot their on use and not for re-sale
The Government The Government is a stakeholder in business on behalf of the general public.
Interest group Is an organisation which represents a particular group of people who have similar needs or objectives
Trade Association This represents businesses which are in the same trade or line of business E.g Irish Farmers Association(IFA)
Contract Is a legally binding agreement between two or more parties that is an agreement that a court will enforce
The Small Claims court This is a quick, cheap and effective way of resolving a consumer dispute involving up to £2000. The consumer can bring the complaint to the District Court for a fee of just £15
Breach Is a way of ending a contract. One party breaks a condition in the contract. E.g A wedding cake can turn up the day after the wedding
Condition Is a clause in a contract which is so important that breaking this clause is the same as breaking a contract
Warranty A warranty is a less important clause. Breaking a warranty does not break a concract itself
Redress Means what people are entitled to if denied their rights
Unsolicited goods Where goods are sent to people who have not ordered them and a bill is sent requesting payment for the goods
Arbration It takes place when two disputing parties agree to call in a third party, who they both respect and trust
Frustration Some events happens which makes it impossible to carry out the contract, for example, death of one party
Agreement This is a way of terminating a contract. Each party agrees to end the contract e.g Couple cancels the cake they ordered for the wedding
Performance A contract may be ended in number of ways e.g Performance each party does what there contracted to do
Capacity of a contract
Created by: bryansmyth10
 

 



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