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Unit 1
Unit 1 key terms
| Term | Definition |
|---|---|
| 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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