1.1 People in Business

Question 1

What is a cooperative relationship?

Answer 1

win-win, mutually beneficial

Question 2

What is a competitive relationship?

Answer 2

win-lose

Question 3

What are the benefits of a competitive relationship?

Answer 3

Prices decrease, choices increase, customer services improve, quality improves

Question 4

What are the the seven elements of a legal contract?

Answer 4

Agreement (offer and acceptance), consideration (somehting of value exchanged), legality of form (manner in which it is signed), consent to contract (are they coerced?), capacity to contract (can they legally sign a contract?), legality of purpose (lawful activity), intention to contract

Question 5

What are the four ways of terminating a contract?

Answer 5

Frustration (eg. bankruptcy), performance (job fulfilled), agreement, breach

Question 6

What are the three remedies for a breach of contract?

Answer 6

Specific purpose (fulfill job), financial compensation, rescind contract