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Chapter 1

People in business

QuestionAnswer
Business Any organisation set up to provide goods and services to its customers.
Commercial business Those businesses that have profit as their primary motive.
Private sector business Are owned and controlled by private individuals who invest capital into them and hope to receive a share of the annual profits.
State-owned business Owned by the government, such as the ESB, operate on a commercial basis.
Non-commercial business A business whose primary motive is not profit but to provide an important service to society.
Stakeholdres People involved in or affected by a business's activities.
Entrepreneurs These are the individuals who think up new ideas and use their initiative to turn them into business realities.
Investors These are the people who invest money into a business.
Suppliers These are the providers of raw materials or other essential support services to businesses.
Employees These are the workers who bring a range of skills and expertise to the business.
Government The state who invests heavily in infrastructure in order to create a positive economic environment.
Competitive relationship Tends to pit one stakeholder against another. In this situation each tries to improve their own position or rewards at the expense of others.
Co-operative relationship Involves both parties working towards shared goals and for mutual benefit. Essentially a win-win situation, this approach tends to built strong positive relationships which bring rewards to all stakeholders.
Interest groups These are essentially pressure groups who attempt to promote the interests of their members through lobbying, information campaign or occasionally through protests, Examples include IBEC, ICTU and Consumer's Association of Ireland etc.
A legislative solution Normally this involves applying the provisions of a relevant law or involving agency set up by law to resolve the issue.
A non-legislative solution This negotiation may involve only the conflicting parties, or may be facilitated by an independent third party.
Mediation Intervention used to solve a dispute.
Arbitration The mediator listens to both sides before making a judgement on the issue.
Conciliation The mediator helps the conflicting parties to reach a mutually agreeable position, but do not impose a solution.
Contract A legally binding agreement between two or more parties.
Offer A proposal which becomes legally binding if accepted.
Acceptance The original offer must be accepted unconditionally and unaltered.
Consideration Something of value must be exchanged between parties to the contract.
Consent All parties entering into a contract must do so of their own free will.
Intention to contract Making a contract must be deliberate or intentional, social arrangements are not legally binding but all business agreements are legally enforceable.
Capacity to contract All parties to a contract must have the legal ability to enter freely into it.
Legality or purpose Contracts involving illegal actions or activities are not legally enforceable.
Legality of form In order to be legally valid some types of contracts must be in writing.
By agreement Both parties agree to cancel the contract before it is carried out.
By perfomance In this instance the contract is carried out as agreed and to the satisfaction of both parties.
Frustration Something unforeseen and beyond control of either party prevents a contract from being carried out.
Breach One party does not carry out their part of the agreement.
Sue for damages The aggrieved party can take court action to recover losses suffered.
Specific performance This involves asking the court to order that the contract must be carried out, as per agreement.
Rescind the contract The contract is cancelled and all parties are released from their contractual obligations.
Created by: dunnejl1