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Business
Resolving Conflict in the Marketplace
| Term | Definition |
|---|---|
| Contract | A legally binding agreement between two or more parties, which is enforceable by law |
| Offer | When one party asks another to enter a contract |
| Acceptance | Person receiving the offer accepts all terms of the offer |
| Invitation to treat | An invitation to another person to make an offer can be accepted or rejected |
| Intention to contract | Both parties intend to create a legally binding contract |
| Capacity to contract | All people and business have the legal ability to enter into a contract |
| Consent to contract | Parties must enter contract voluntarily |
| Consideration | Each party in the contract must give something of value to the other party |
| Legality of purpose | Contract must be created for legal purpose |
| Legality of form | Must be drawn up in the correct legal format |
| Contract termination | Contract can be ended because of performance agreement frustration and breach of contract |
| Performance | When both parties complete their side of the contract |
| Agreement | When both parties mutually agree to end the contract |
| Frustration | When a contract ends due to unforeseen circumstances |
| Breach of contract | When a party breaks a condition of the contract |
| Compensation | The judge can order compensation for any losses suffered |
| Rescind the contract | The contract is cancelled |
| Specific performance | The judge can order the party that preached the contract to finish their side |
| Caveat emptor | Let the buyer beware |
| Negotiation | If consumer is unhappy with product they should return to retailer ask to speak to manager and tell retailer how they want the problem to be resolved |
| Letter of complaint | If consume is unable to speak to manager you should send a letter |
| Consumers Association of Ireland (CAI) | Works on behalf of consumers ensures they are aware of their rights |
| European Consumer Centre Ireland (ECC) | Gives good advice to Irish consumers on their rights when buying goods and services |
| Sale of Goods and Supply of services Act 1980 | Legislation outlining responsibilities of retailers and rights of consumer |
| Consumers Protection Act 2007 | Helps protect consumers from unfair business to consumer commercial practices |
| Competition and Consumer Protection Comission (CCPC) | An independent body that enforces competition and consumer protection law in Ireland |
| Financial Services and Pensions Ombudsman (FSPO) | Deals with complaints made by individuals against financial institutions and pension provides |
Created by:
Sophieholmes
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