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LC People in Bus

People in business & contract law

TermDefinition
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 Owned and controlled by private individuals who invest capital and hope to receive a share of annual profits
State-owned business Owned by state e.g ESB
Non-commercial A business who wants to provide service to society not currently being supplied by government e.g. Dublin Simon
Stakeholders People involved in or affected by a business's activities
Entrepreneurs Individuals who think up new ideas, use their initiative to turn them into reality, and take both personal and financial risks of running a business
Investors Invest money into a business
Suppliers Providers of raw materials or other essential support services to business
Employees Workers who bring range of skills and expertise to a 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.
Co-operative relationaship Both parties working towards shared goals for their mutual benefit.
Interest groups Pressure groups which promote interests of their members through lobbying, campaigning and protests.
Legislative solution Involves applying the provisions of a relevant law or agency set up by law to resolve an issue
Non-legislative This negotiation may only involve the conflicting parties, or may be facilitated by an independent 3rd party
Mediation An agreed mediator intervenes when both sides are at an impass and suggests proposal to move things on.
Arbitration independent 3rd party listens to both sides and makes a decision.
Conciliation 3rd party helps conflicting parties to reach a mutually agreeable solution, but they don't impose a solution
Contract Legally binding agreement between two or more parties which is enforceable by law.
Offer Proposal which can be oral, in writing or by conduct, which becomes legally binding when accepted
Acceptance Accepting original offer unconditionally and unqualified (not changing anything)
Consideration Something of value must be exchanged between the parties (money value of an enforceable contract)
Consent All parties must enter into the contract of their own free will
Intention to contract Making a contract must be deliberate or intentional.
Capacity to contract All parties must have the legal capacity to freely enter into a contract.
Legality of purpose Contracts involving illegal activities are not enforceable by law
Legality of Form Some contracts must be written in order to be legal e.g.mortgage
By Agreement Parties agree to end the contract
Frustration Something unforeseen and beyond the control of either party prevents a contract from being carried out
Breach One of the parties fail to fulfill their side of the contract. It is the breaking of a condition of the contract
Damages When a condition is breached then the aggrieved party can sue for losses suffered as a result of the breach.
Specific Performance Court orders the contract to be carried out as per agreement
Rescind Contract is cancelled and parties revert to the position that had existed before the contract was signed
Warranty Statement in contract, if warranty is not honoured then damages can be awarded but the contract is not broken
Created by: MsBradyBusiness