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business

TermDefinition
Offer This means that one party makes an offer to another party.It may be oral.Written,Oral or visual
Negotiation this is a non legislative method of resolving conflict between stakeholders.A third party(AnotherPerson) is invited to investigte the dispute and hear both sides of disagrement.The concilator does not decide on a solution but helps both partiesEg-employer
Arbitration This takes place when 2 disputing parties agree to call a third party whom they both trust.Befire the arbitration both parties must agree to accept the decisiom of the arbitration E.g-labour court
Contract A legally binding agreement between 2 or more parties.It can be oral(spoken) ,witten or by conduct(Supermarket) it has have 7 elements to be a valid contract.Some contracts must be written E.g Insurance policy,contact of employment
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 E.g Dress on mclenneys window
Concideration Each party to the contract must give something of value.Eg Customer gives real agreement to the contract pressure cannot be put on a person to enter a contract
Capicity to contract Person 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 them manufacture shoes and then decide to start manufacturing furniture
Service Something that is done for you by a person/machine
Merchantable quality Goods should be of merchantable quality concidering whats said about them,paid price and how long it should last
Fit for purpose A washing machine must be capable of washing clothes
Consumer A consumer is a person who buys goods or services for personal use or their own consumption
Acceptance The other side must accept the offer as it stands,whi
Frustration Way of ending a contract.This is where an unforeseen event occures and makes the contract impossible to be carried out> E.g death,bankruptcy
Agreement This is a way of terminating a contract.E.g couple cancels the cake they ordered for the wedding
Breach Is a way of ending a contract.One party breaks a condition in the contract.This is the same as ending the contract.E.g A wedding cake whch was delivered the day after the wedding does not have to be paid for
Warranty A warranty is a less important clause in the contact.Breaking the warranty does not end the contract E.g Wedding band arrives an hour late
Conciliation This is where a third party assist the employer and employee in resolving their difficulties through
unfair grounds of dismissal Pregnancy,race,membership of the travelling community,age,sexual orientation,religious beliefs
Fair grounds for dissmissal Worker misconduct,worker incapable of doing the job or not suitably qualified.Necessary redundancy
Constructive dismissal Refers to a situtation where an employer makes it so difficult for an employee in the workplace that they are forced to stay out or work or leave
Functions of the equality Authority Eliminate discrimination in the 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: joy12345