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Unit 1

Unit 1 key terms

TermDefinition
Stakeholders All of thoses involved in or affected by a business activities.
Stakeholders (Names) Employees, employers, Investors, Customers, service providers, Interest groups, producers, entrepreneurs
Entrepreneur Individuals who think up new ideas and use their initiative to turn them into business realities.
Investors People who invest money and expertise into a business
Service Providers They provide raw material or other essential support services to the business.
Employees Workers who bring a range of skills and expertise to the business.
Customers Poeple who buy the good or service.
Dynamic Something that changes over time.
Interest group An organisation of people who come together and campaign for a common goal
Lobbying A strategy which involves impressing the stakeholder's viewpoint on those who have power to make decisions.
Conflict Tension between two or more parties
Legislative Using legal documentation or laws to resolve an issue
non legisative Finding a solution that does not rely on direct applicaiton of the law
Mediation This can take the form of Conciliation or Arbritation
Conciliation An independant outsider helps two disputing parties to talk out their differences and reach a mutually acceptable solution.
Arbitraiton An independant outsider helps two disputing parties to talk out their differences and reach a mutually acceptable solution. Recommendation must be agreed on in advance.
Contract Legally binding agreement between two or more parties
Elements of a contract Offer, acceptance, consideration, consent, intention to contract, capacity to contract, legality of purpose, legality of form
offer This is when one person asks another to enter a deal with them. It must set out all the terms of the deal clearly, completly and without conditions attached.
Acceptance This is when the other person agrees precisely to all the terms of the deal without any conditions.
Consideration This means the payment that one person gives to the other as part of the agreement.
Intention to Contract This means that both parties to the agreemnt must mean it to be a legally binding contract.
Capacity to Contract This means that a person has the legal ability and power to make a legally binding contract. They must be over 18, mentally capable, can not not be a diplomat.
Consent to contract For a contract to be valid, both parties must give real premission to enter into it.
Legality of form This means that certain contract must be drawn up in a certain way if they are to be legal. E.g. house contracts must be written.
Legality of purpose This means that legally binding contracts can only be for legal transactions.
Termination of Contract Contracts can come to an end by performance, agreement, frustration or Breach.
Performance When both parties carry out their duties under the contract exactly as originally agreed.
Agreement A contract is terminated if all the parties involved in it voluntarily agree to end it.
Frustration A contract comes to an end if some unforseen event occurs such as death of one of the parties.
Breach A contract is terminated as soon as one of the poeple involved breaks their part of the deal.
Remedies for breach of contract Damages, Specific Performance, Rescind the Contract
Damages The judge orders the person who broke the contract to pay financial compensation to the innoncent party.
Specific Performance The judge orders the person who breaks the contract to carry out their side of the deal.
Rescind the contract The judge orders the contract to be cancelled
Non legislative methods of solving consumer conflicts Negotiation, Consumer Association of Ireland
Negotiation This is a process of bargaining to try and reach a mutually acceptable solution to the conflict.
Created by: se100
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