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UNIT 1
| Term | Definition |
|---|---|
| investors | provides the entrepreneur with the money they need to establish/expand their business. |
| entrepreneur | spots a gap in the marketplace comes up with idea takes a personal and financial risk |
| manager | responsible for day to day running of the business |
| employer | recruits staff provides safe working conditions and fair wage and salary |
| employee | recruited by employer in return for fair wage and salary they have the skills and qualifications needed to operate the business sucessfully |
| producer | takes raw materials and transform them into finished products during the manufacturing process |
| supplier | provides raw materials to the business |
| service provider | provides services needed by the business |
| commercial business | provides goods and services to consumers |
| non commercial business | puts people and community ahead of profit, they tend to provide a service for people and are run like a business |
| stake holders | individuals who are affected by the actions objectives and policies of the business |
| interest group | a group of people who meet and campaign towards a common goal they use campaigning techniques such as boycotting and lobbying to influence decision makers |
| ICTU | Irish congress of trade unions they represent almost all trade unions in Ireland they provide adequate training to trade unions and its members they help solve disputes between union members and employers |
| IFA | Irish farmers association represents the interests of Irish farmers it lobbies and campaigns to improve rights of farmers |
| co operative relationship | the stakeholders work together towards a common goal ensures better results win win situation |
| competitive relationship | the stakeholders work against each other creates a win lose situation |
| dynamic relationship | the relationship between the employees is constantly changing |
| dependent relationship | the stakeholders need each other for success |
| contract | a legally binding agreement between two or more parties which is enforceable by law |
| agreement | an agreement is when a clear unconditional offer is made by one party and accepted by the other |
| offer | orally in writing by conduct |
| acceptance | all the terms and conditions are accepted |
| intention to contract | both parties intend to make a legally binding contract |
| capacity to contract | the legal ability to enter into a contract eg must be over 18 |
| consent to contract | the parties entering a contract must be volunteered and not put under physical pressure or be threatened |
| consideration | each party must give something of value to the other party |
| legality of purpose | the contract must be created for a legal purpose only eg not to buy fireworks |
| legality of form | the contract must be in the correct legal format orally writing or by conduct |
| performance | both parties complete their side of the contract |
| agreement | both parties agree to end the contract |
| breach of contract | an important element of the contract is broken so the contract ends immediately |
| frustration | when an unforeseen event occurs eg extreme weather conditions or the death of one party so the contract ends |
| compensation | judge offers the party that breached the contract to pay the innocent party that suffered any losses |
| rescind the contract | judge cancels the contact and both parties return to the position they were in before the breach occured |
| specific performance | the judge orders the party to complete their side of the deal |
| non legislative methods of resolving consumer conflict | assistance from 3rd party negotiation letter of complaint |
| negotiation | return to retailer with proof of purchase ask to speak with manager clearly stating the problem tell the retailer how they want the problem to be solved |
| letter of complaint | outline the problem explain how they want the issue to be resolved include any proofs of purchase |
| assistance from a third party | CAI (consumers association Ireland) ECC(European consumer center) |
| CAI | interest group that works on behalf of consumers ensures consumers are aware if their rights and receive high quality goods and services at a reasonable price |
| ECC | gives advice to Irish consumers when they are purchasing goods and services outside of Ireland |
| legislative methods for solving conflict | sale of goods and supply of services act 1980 consumer protection act 2007 competition and consumer protection commission ombudsman small claims court |
| sale of goods and supply of services act 1980 | this act applies to consumers when they buy goods and services for their own use from a registered business |
| rights of consumers when purchasing a good | goods must be of merchantable quality fit for purpose same as description match the sample |
| merchantable quality | must be of an acceptable standard taking into account its price and durability |
| fit for purpose | goods should do what the consumer expects them to do |
| Same as description | The goods should be the same as the description |
| Goods should match the sample | The goods should be the same as the sample |
| Refund | If the fault is major eg dishwasher doesn’t wash dishes |
| Repair | If the consumer used the product for sometime and then discovered a fault |
| Replacement | If the seller is unable to repair the item |
| Illegal signs | No refunds Credit notes only No goods exchanged |
Created by:
sneha nasa
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