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Conor LC Bus Unit1
Key terms LC Bus Unit 1 Stakeholders, Contracts & Consumer law
| Term | Definition |
|---|---|
| commercial enterprise | a for-profit business |
| entrepreneur | someone who takes a risk to start something new |
| investor | someone who provides a business the capital (money) needed to operate the business |
| employer | hires staff to carry out its business, must provide safe working conditions and pay agreed wages. |
| employee | work in a business in return for a wage/salary |
| producer | takes raw materials and turns them into finished goods |
| consumer | people who buy goods or services for their personal use |
| manager | responsible for the day-to-day running of a business |
| supplier | firms that provide raw materials to a business |
| service provider | provides services needed by businesses to operate successfully |
| government | body that represents the people of a country, imposes taxes, builds infrastructure |
| local community | people and organisations located close to a business |
| interest group | a group that campaigns for a common goal, can lobby, boycott or use negative publicity to achieve goals |
| boycotting | when consumers refuse to buy goods from a firm to show dissatisfation, get them to change |
| lobbying | when an interest group tries to persude decision makers in government to adopt laws that benefit them. |
| co-operative relationship | when stakeholders work together towards a common goal (win-win scenario) |
| competitive relationship | when stakeholders work towards different goals that are at the expense of the other (win-lose scenario) |
| dependent relationship | when stakeholders need each other for success |
| dynamic relationship | when the relationship between stakeholders is constantly changing. |
| contract | a legally binding agreement between two or more parties. Enforceable by law |
| offer | when one party asks another to enter into a contract. Can be verbal |
| acceptance | when all terms of the offer are accepted. Orally |
| invitation to treat | an invitation to another party to make an offer. ex price tags in a shop |
| intention to contract | both parties intend to enter into a legally binding contract (all business agreements are intended to be legally binding not so for social and private agreements). |
| capacity to contract | legal ability to enter into contract (minor |
| consent to contract | must contract voluntarily (no pressure |
| consideration | each party must give something of value to the other party |
| legality of purpose | must be for a legal purpose |
| legality of form | must be drawn up in the correct legal format. ex insurance policy must be in writting |
| performance | termination of contract when both parties successfully complete their side of the contract |
| agreement | termination of contract when both parties mutually agree to end it |
| frustration | termination of contract when an unforeseen event prevents completion of contract |
| breach of contract | termination of contract when one party breaks their side of the contract |
| condition of a contract | an essential element of a contract. If broken contract ends immediately |
| warranty of a contract | a non-essential element of a contract. If broken contract doesn't end but compensation may be due. |
| compensation | a remedy for breach of contract where judge orders payment |
| rescind the contract | a remedy for breach of contract where judge cancels the contract. |
| specific performance | a remedy for breach of contract where judge orders a party to complete their side ofthe deal. |
| caveat emptor | in Latin means 'buyer beware' meaning use common sense when making a purchase. |
| letter of complaint | non-legislative negotiation by consumer to resolve a conflict |
| third party | a person or group that is not directly involved in a dispute |
| Consumer Association of Ireland (CAI) | an interest group that works for consumers. Promotes awareness of consumer rights. |
| European Consumer Centre Ireland | EU network of consumer centres that help with disputes among EU states |
| Sale of Goods & Supply of Services Act 1980 | Consumer protection legislation focusing on rights when buying goods or services |
| merchantable quality | of an acceptable standard relative to the price paid |
| fit for the purpose intended | should do what it is reasonably expected to do |
| conform to the sample shown | sample and item purchased must match |
| be as described | the good must match decription on packaging or by salesperson |
| proper care and diligence | right of consumer when paying for a service |
| credit note | a voucher to buy in a store up to the amount stated |
| unsolicited goods | goods sent to someone with a demand for payment even though they didn't order it. |
| guarantee | a written promise to repair or replace a fauly item within a certain time period. |
| Consumer Protection Act 2007 (CPA) | Consumer protection legislation focusing on the behaviour of sellers. Misleading descriptions |
| misleading description | prohibited by CPA 2007 |
| aggressive practices | prohibited by CPA 2007 |
| prohibited practices | prohibited by CPA 2007 |
| price display regulations | regulates how prices are displayed. if sold by weight must show the price per kg |
| Competition & Consumer Protection Com. (CCPC) | independent body that enforces fair competition between businesses (no monopolies) and consumer protection law. |
| Ombudsman | Swedish for 'representative of the people' they investigate complaints from the public against organisations (including government departments) |
| Office of the Ombudsman | investigates complaints against public bodies. ex HSE |
| Small Claims Procedure | Cheap and fast consumer complaint process up to €2000 no solicitor needed. |
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conorok
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