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Chapter 1

People In Business

TermDefinition
Stakeholders People who are affected by how a business is run
Consumer Users or purchasers of goods and serives for personal use
Producer The manufacturers and suppliers of good and services
Entrepreneur An individual or group of people who undertake the rick of establishing and running their own business
Supplier A person that is the source for goods or services
Investor Entrepreneurs need capital to develop their idea so they contact one or more investors
Service Provider They provide a range of serives for the efficient operation of a business
Employer These are individuals who employ people to work for them for wages/salaries
Employee Employees are people who work for employers
Frustration A person is unable to carry out a contract for some unforeseen event
Interest Group An organisation which represents the common viewpoint and good of a particular group
Debt Capital when an investor lends money to an entrepreneur in exchange for a return on investment
Equity Finance when an investor lends money to and entrepreneur in return for a share in the business
Law Of Contract a legally binding agreement between two or more people in which each promises to do something for the other
Offer Can be accepted or rejected,must be clear
Acceptance Offer is accepted by all parties,must have no conditions and related to the original offer
Agreement when both parties mutually agree to end a contract eg:employee leaving work
Performance when both parties carry out duties as agreed the contract then ends
Consideration something of real value must pass between the parties eg:sweets for money
Intention To Contract both parties must intend to enter a legal contract not just one party.if only one party agrees it id not legally binding
Legal Purpose the contract cannot enforce anything illegal eg: drug dealing
Legality Of Form some contracts must be in writing eg:sale of a house
Consent to Contract must be genuine and of freewill cannot be forced
Capacity To Contract must be over 18 to enter a legal contract.They cannot be under the influence of alcohol
Termination of Contract when a contract comes to an end
Breach of Contract one party breaks a condition in the contract.The other party has the right to take action in court.
Breach of Warranty less important than breach of contract.Does not break the contract
Remedies for Breach ways to fix a contract that has been broken
Rescind the Contract contract cancelled and injured party may sue for compensation/damages
Specific Performance forced by court to carry out duties set out in contract eg:sale of land
Co-operative Relationship where stakeholders work together towards a common objective to everyones benefits
Competitive Relationship where stakeholders are pursing different objectives in an effort to achieve particular objectives at the expense of each other
Dependent Relationship the parties in business need each other in order to be successful.They rely on the other party to provide them with what they need so that they can be a success
Dynamic Relationship the relationship between the stakeholders in a business is constantly changing
Invitation to Treat Invitation to entice a customer to buy goods or services can be accepted or rejected by customers eg: dress in a shop window can draw in a customer shopkeeper can refuse or accept the consumer r
Created by: Ceara15
 

 



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