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Chapter 1
People In Business
| Term | Definition |
|---|---|
| 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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