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LC People in Bus
People in business & contract law
| Term | Definition |
|---|---|
| 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. Win/lose situation. |
| Co-operative relationaship | Both parties working towards shared goals for their mutual benefit. Win/ win. |
| 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
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