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Business-Unit 1

TermDefinition
Agreement where all parties involved in a contract can agree to terminate a contract. this can happen whether the purpose of the contract has been reached or not. E.G. a contract can be cancelled between two companies if one cannot deliver goods to the other
Arbitration getting a third party to listen to all sides of a dispute and come up with a solution which the parties must follow. E.G. Trade Unions can be used as a third party to help resolve conflict between employees and employers.
Capacity to Contract people must have the legal right/ability to contract. people who do not have the ability are: people under 18, under the influence of drugs or a company who has not set out its Memorandum of Association. E.G. a person under 18 cannot buy a house
Conciliation getting a third party to listen to all sides of the dispute and then come up with a solution which the parties can either take on board or use a different method. E.G. a fellow co worker recommending a solution for conflict between two staff members
Consideration each party offers the other something as evidence of their agreement. each party must give something of value if they are involved in a contract.
Consumer A person who buys goods and services for their own use in return for loyalty to the business. consumers are the must important people in business
Cooperation when two businesses are in competition but are working together towards a common goal. E.G. two businesses working to change legislation
Entrepreneurs a person who takes the initiative and risk associated with setting up a new business idea. they bring together the four factors of production: land, labour, capital and enterprise. E.G. Ben and Jerry's set up a home-made ice-cream business
Industrial Relations the quality of relationships between employers and employees.
Investors people who provide a business with the finance it needs.this comes from owner's capital, loans,grants in the form of share holders, banks and state agencies. venture capitalists provide expertise also. E.G investors on Dragon's Den are venture capitalists
Negotiation when two parties bargain to try and arrive at a solution that they both agree on.
Producers transform the factors of production into finished products for sale. they make goods that satisfy customer needs and wants and in return they want high prices and profit. E.G. Vitz Drinks produce soft drinks
Service Industry/Providers businesses who provide a service to a business in return for money. E.G. ESB
Created by: AlliGuinane