Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
LC_Bus_Unit 1 & 2
Unit 1 & 2_Terms_Revision
| Term | Definition |
|---|---|
| Acceptance | This is an element of the law of contract. The original offer must be accepted unconditionally and unaltered. |
| Advertising | Advertising is a form of communication for marketing and used to encourage or persuade an audience (viewers, readers or listeners, sometimes a specific group) to continue or take some new action. |
| All out strike | Strike action which involves all employees in a particular company. |
| Annual General Meeting (AGM) | A meeting that must take place once every year. It gives shareholders a chance to question the directors about the performance of the company. |
| Arbitration | Third party intervention aimed at resolving a dispute. The independent third party may investigate the conflict and listen to the cases presented by the disputing parties before making a recommendation aimed at resolving the issue. |
| As described | Consumers often purchase goods based on verbal descriptions from sales people as well as written descriptions or illustrations in brochures. |
| As per sample | If goods are purchased on the basis of a sample provided by the retailer, the customer has a reasonable expectation that all goods received will match the sample. |
| Breach (of contract) | If one party does not carry out their part of the agreement this is called a breach in the agreement. In this type of situation the other party to the contract is likely to feel aggrieved and may even suffer a financial loss. |
| Capacity to contract | All parties to a contract must have the legal ability to enter freely into a contract. Individuals who are minors (under 18) or mentally incapacitated (drunk or insane) do not have the legal capacity to contract. |
| Cartel | An illegal arrangement by a group of businesses to collude in such a way as to distort the level of free competition in a market. |
| Caveat emptor | The Latin phrase ‘caveat emptor’ means ‘let the buyer beware’. The advice given to shoppers is always shop around and not to engage in impulse buying. |
| Chief executive officer | A member of the Board of Directors of a company who is responsible for the day-to-day implementation of Board policy right across the organisation. |
| Closed shop | A situation where employees are directed to join a particular trade union once taking up employment. Attempts to enforce closed shop agreements are illegal under the terms of the Industrial Relations Act (1990) |
| Coercion | This means forcing someone to do something against their better judgement. |
| Cold calling | Cold calling occurs when the consumer has had no prior contact with the seller and the salesperson arrives unannounced and without an appointment. |
| Collective bargaining | Trade unions and employers negotiate agreements which will apply to all members of a trade union. This approach helps minimise the time and cost involved in negotiating with each individual employee. |
| Commercial businesses | These are businesses which have profit as their primary motive. |
| 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. |
| Compliance notice | A court order directing someone to carry out a specific action. It is usually issued to ensure that a contract is honoured. |
| Conciliation | This is a form of mediation. It involves the intervention of a 3rd party and represents attempts to resolve a dispute between stakeholders. The 3rd party helps the conflicting parties to reach a mutually agreeable position. This is not binding. |
| Conciliator | An independent third party involved in conciliation. |
| Consent | All parties entering into a contract must do so of their own free will. This means that a person who signs a contract after being subjected to undue pressure has not given legal consent to enter into the agreement. |
| Consideration | This is something of value which must be exchanged between parties to a contract. |
| Constructive Dismissal | This occurs when a worker is not directly sacked from their job, but feels forced to leave and effectively resigns from their position. |
| Consumer | Someone who buys goods and services for their own use. |
| Contract | a legally binding agreement. This means that if necessary a court of law may intervene to ensure a contract is honoured. |
| Co-operative relationship | Involves both parties working towards shared goals and for mutual benefit. Essentially a win-win situation, this approach tends to build strong positive relationships which bring rewards to all stakeholders. |
| Consumer | Anyone who buys goods and services for their own use. |
| Consumer Association of Ireland | The Consumers’ Association of Ireland is an independent, non-profit, non-governmental organisation, registered with charitable status and working on behalf of Irish consumers. |
| Counter-offer | If an offer has being changed, it’s regarded as a counter-offer. A combination of offer and acceptance results in agreement and is therefore the basis of an enforceable contract. |
| Demarcation dispute | A dispute about who does what job. This type of dispute usually revolves around the specific allocation of work duties and may arise where 1 group of employees feel their jobs are under threat when some of their duties are reassigned to other staff. |
| Discrimination | Discrimination occurs when one person is treated less favourably than another. |
| Dividend | A share of annual company profits paid to shareholders. |
| Dynamic relationship | A relationship which is likely to change over time. |
| Employees | These are the providers of raw materials or other essential support services to businesses. |
| Employment Appeals Tribunal | Claims for unfair dismissal are heard by the EAT. During the hearing an employer will be required to show that dismissal was necessary and fair. |
| Enterprise | Any attempt to do or start something new. In a business context this usually involves taking a risk to set up a new business. |
| Entrepreneur | The individual who thinks up the new idea and uses their initiative to turn it into a business reality. Profit is their reward for taking the risk involved in a business start-up. |
| Equality Authority | The Equality Authority of Ireland works towards the elimination of discrimination in employment. |
| Equality Tribunal | This tribunal deals with complaints and breaches of equality legislation by appointing equality officers to deal with specific cases. |
| False claims | A claim (usually about the nature of goods or services) which is untrue. For example, advertising a jumper at 100 per cent wool, when in fact it contains some acrylic fibres. |
| Feasibility study | This is an undertaking to establish whether a product idea is profitable or commercially viable. |
| Financial Services Ombudsman | This statutory officer deals independently with complaints from consumers about their dealings with all financial service providers. |
| Fit for Intended Purpose | This can either mean the normal purpose for which those goods are used, or a particular purpose specified by the consumer. |
| Frustration | Something unforeseen and beyond the control of either party prevents a contract from being carried out. The death of either party would be an example. |
| Future focused | Successful entrepreneurs need to look at future demand and formulate plans to stay ahead of competitors. |
| Go slow | A type of industrial action where workers reduce their level of productivity. |
| Grievance procedure | There are an agreed set of steps which should be followed in resolving all disputes within an organisation. Grievance procedures provide a clear template towards conflict resolution and mean that all problems/individuals will be treated in a fair manner. |
| IFSC (International Financial Services Centre) | This is a financial district for international businesses which is located in Dublin. |
| Independent | Acting alone or without bias. |
| Index linked | Linked to the rate of inflation (annual price rises). Inflation is measured by the Consumer Price Index (CPI). |
| Industrial relations | Refers to the relationship between employers and employees. |
| Inertia selling | This refers to a situation where goods are sent to a person who has not ordered them and a demand for payment is later made in respect of those goods. |
| Intention to contract | Making a contract must be deliberate or intentional. This means that courts take the view that when two or more businesses enter into an agreement, there is a contractual obligation involved. |
| Interdependent | When two or more people or organisations depend upon each other for support or survival. These groups usually share similar needs and goals and tend to work co-operatively. |
| Interest group | These are essentially pressure groups who attempt to promote the interests of their members through lobbying, information campaigns or occasionally through protests. Examples include IBEC, ICTU and Consumers’ Association of Ireland etc. |
| Investors | People who take a risk by investing money into a business. They provide assistance to entrepreneurs who lack the necessary capital required for a business start-up or expansion. In return for their investment they expect to receive dividend payments. |
| Invitation to treat | When a shop places a price tag on goods, it is not offering these goods to consumers at the marked price. In fact the retailer is actually inviting consumers to make an offer to buy the goods. |
| Irish Bank Officials Association (IBOA) | This trade union represents bank employees. |
| Irish National Teachers Organisation (INTO) | This trade union represents primary school teachers in Ireland. |
| Labour Court | Established to provide a free service for the resolution of industrial relations disputes in Ireland. |
| Labour Relations Commission | The LRC offers a conciliation service to employers and employees when industrial relations disputes arise. |
| Legality of form | In order to be legally valid some types of contracts must be in writing. |
| Legality of purpose | Contracts involving illegal actions or activities are not legally enforceable. For example, contracts to enter into a cartel or to import stolen or illegal goods. |
| Legislative | This means that the solution is one which has a clear legal basis. |
| Lightning srike | This type of strike take place suddenly, with any prior notice. While designed to impact on the business, this type of action, because of its unplanned nature, can create serious consequences and inconvenience to consumers. |
| Lobbying | A strategy which involves impressing the stakeholder’s viewpoint on those who have power to make decisions. Very often this takes the form of meeting with politicians or running extensive media campaigns to gain public support. |
| Lock-out | A type of industrial action where an employer refuses to allow its own employees to enter their place of work. This lock out is likely to continue until such time as a dispute is resolved. |
| Merchantable quality | All items for sale must be of good quality and in a fit condition to be sold. |
| National Consumer Agency | The National Consumer Agency, established under the terms of the Consumer Protection Act 2007, assists with free and expert information on consumer rights and personal finance. |
| Offer | An offer is a proposal that becomes legally binding if accepted. An offer may be written, oral or implied. |
| Ombudsman | This office has powers to investigate complaints against government departments and public bodies. |
| Performance | This occurs where a contract is carried out as agreed and to the satisfaction of both parties. |
| Picketing | Picketing occurs when employees who are on strike walk up and down outside their place of employment. They carry placards which indicate to customers, suppliers and members of the public that an industrial dispute is taking place. |
| Primary picketing | Means striking workers place a picket at the business premises of their own employer. Picketing at the home of an employer is not allowed and striking workers are not permitted to engage in violence or intimidation. |
| Private sector business | These are owned and controlled by private individuals who invest capital into them and hope to receive a share of the annual profits. |
| Prohibition order | A court order banning or preventing a certain action or activity. |
| Public sector | The public sector refers to any businesses and organisations that are set up or funded by the State. Examples include the National Museum of Ireland and CIE. |
| Pyramid scheme | One where a person pays money, but their primary benefit derives from the introduction of other persons into the scheme, rather than the supply of a product. |
| Redeployment | The employee is assigned a job in a different area or branch of their employer’s business. |
| Redundancy | A situation where staff lose their jobs. Generally a redundancy situation arises if a job ceases to exist and the employee is not replaced. Irish law entitles qualifying employees to statutory redundancy payments when businesses close down. |
| Secondary picketing | Placing a picket on the premises of another employer (not directly involved in a dispute) is called secondary picketing and is only permitted in circumstances where another employer assists in frustrating the strike action. |
| Seed capital | Money invested, by shareholders or venture capitalists, into start up businesses. |
| Services Industrial Professional and Technical Union (SIPTU) | SIPTU is classified as a general trade union. Its members are employed in a wide range of businesses and professions. |
| Shareholder | These are the owners of a business who attain this position by investing capital into the business. |
| Shop steward | A worker and Trade Union member who has been elected by colleagues as their representative in the workplace. They act as a link between the members in that workplace and the staff in the union headquarters. |
| Small Claims Court | This deals with consumer claims up to €2,000 limit. It is administered by the Small Claims Registrar of the District Court. |
| Smart economy | This type of economy is driven by enterprise and innovation and relies on using knowledge and education to create high-value products. |
| Social entrepreneur | Social entrepreneurs recognise social problems and use entrepreneurial principles to organise, create and manage a social venture to achieve a desired social change. |
| Social partnership | The process by which the government, employers, voluntary and community organisations and TU's work out a plan that covers wages, industrial action, housing, transport, education and other issues that affect the country’s social and economic development. |
| Staff turnover | The rate at which an employer gains and loses employees. |
| Stakeholder | All those involved in an organisation or affected by its activities and operations. Business stakeholders include consumers, employees, managers, shareholders, suppliers, the local community and the government. |
| Strike | A type of industrial action whereby employees refuse to carry out any work until a trade dispute is resolved. |
| Sympathetic strike | This occurs when other workers or members of other trade unions take strike action in support of co-workers. |
| Trade association | An interest group representing many businesses within the same type of industry. Examples include Irish Farmers Association (IFA) and Society of the Irish Motor Industry (SIMI). |
| Trade union | Are interest groups who seek to uphold and improve the working conditions of their members. By acting collectively, workers tend to have greater power and influence when dealing with employers. The largest trade union in Ireland is SIPTU. |
| Token stoppage | A show of strength by workers, who temporarily stop work for a short period of time. |
| Warranty | This is a guarantee given to the purchaser by a company stating that a product is reliable and free from known defects and that the seller will, without charge, repair or replace defective parts within a given time limit and under certain conditions. |
| Work to rule | Employees perform the duties required of them under the terms of their contracts of employment, but do not carry out any additional duties or overtime. |
Created by:
tshannon
Popular Business sets