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Unit 1
Unit 1 key terms
| Term | Definition |
|---|---|
| Stakeholders | All of those involved in or effected by business activity |
| Stakeholders (Names) | Employees, employers, owners, investors, customers, service providers, interest groups, producers and entrepreneurs |
| Entrepreneur | Individuals who think of new ideas and use their infinitive 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 arranged of skills and experites to the business |
| Customers | People who buy the goods of services |
| Dynamic | Something that changes overtime |
| Interest group | An organisation of people and campaign for a common goal |
| Lobbying | A stratgy that involves impressing the stakeholders view point on those who have power to make decisions |
| Conflict | Tension between two or more parties |
| Legislative | Using legal documentation or laws to resolve and issue |
| Non-legislative | Finding a solution that does not rely on direct on direction of the law |
| Mediation | This can take the from of consultation or arbitration |
| Consilition | An independent outsider who helps two disputing parties to talk out there differences and reach mutually acceptable solution's |
| Arbitration | An independent outsider who helps two disputing parties to talk out there differences and reach mutually acceptable solution's recommendation must be agreed on advance |
| Contract | Legally binding agreement between two or more parties |
| Elements of a contract | Offer, Acceptance, consideration, concept, intention to contract, capacity to contract, legality of purpose and legality of form. |
| Offer | This is when on person asks another to deal with them, it must set out all the terms of the deal clearly, completely and without all the 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 agreement must mean it to be legally binding contract |
| Capacity to contract | This means that a person has the legal ability and power to make a legally binding contract, can not be a diplomat. |
| Consent to contract | For a contract to be valid, both parties must give real permission 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 |
| legality of purpose | This means that legality binding contracts can only be for legal transactions |
| Termintion 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 unforeseen event occurs such as death of one of the parties |
| Breach | A contract is terminated as soon as one of the people involved breaks their part of the deal |
| Remedies of breach of contract | Damages, specific performance, rescind the contract |
| Damges | The judge orders the person financial compensation to the innocent 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 | Negotiation, consumer assocaition of Ireland |
| Negotiation | This is process of bargaining to try and reach a mutually acceptable solution to the confilct |
Created by:
darren currid
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