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Business > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Contract

A

A legally binding agreement that is enforceable by law

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2
Q

Element of a contract

A 
Offer 
Agreement
Intention
Consideration
Capacity 
Consent
Legality of form
Legality of purpose
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3
Q

Offer

A

Can be verbal, written or by conduct (customer hands money to shopkeeper)
Terminated if counter offer, rejection or revocation

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4
Q

Invitation to a Treat

A

Invitation to a customer to make an offer which can be accepted or rejected
Goods on display in a shop

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5
Q

Agreement

A

When an offer has been accepted
Oral, written or by conduct
Clear and complete

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6
Q

Intention

A

There must be willingness and knowledge on both parts that they are entering into a contract

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7
Q

Consideration

A

What one party gives to another

A sort of exchange

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8
Q

Capacity

A 
Parties must have the legal ability to enter into a contract 
Exceptions: 
• Under 18
• Under the influence 
• Bankruptcy
• Business if acting “ultra vires”
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9
Q

Consent

A

Contract must be made voluntarily
Not be entered into under duress (force)
Both parties must agree to what is in the contract

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10
Q

Legality of form

A

The manner in which the contract is drawn up
E.g, oral, written or by conduct
Certain contracts must be in writing

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11
Q

Legality of purpose

A

The contract must not break any laws

For legal transactions

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12
Q

Terminating of contract

A

Performance
Agreement
Frustration
Breach

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13
Q

Remedies for breach of contract

A

Rescind/abandon the contract
Damages - sue for compensation
Specific performance- Court will order original contract to be carried out

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14
Q

Sale of Goods and Supply of Services Act 1980

A 
Rights is consumers and responsibility of retailers 
Goods must be of
Reasonable quality 
Fit for Purpose 
As described 
Conform to sample
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15
Q

When services are purchased

A
  • Work must be done with proper care and diligence
  • Person doing work must have necessary skills and qualifications
  • Materials supplied must be of merchantable quality
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16
Q

Evaluation of SOGSOS Act 1980

A
  • Customers get money back if goods are not up to legal standards
  • Consumers do not lose money after buying a faulty product
  • Customers cannot be fooled into accepting a credit note by retailers who put such signs
  • Bans these signs and protects people who do not know their rights
  • Doesn’t apply to second hand products except cars or something from a private individual
17
Q

Consumer Protection Act 2007

A 
Prohibits:
• False product descriptions 
• False prices
• False or misleading advertisement 
• Businesses must engaging in aggressive practices - harassing, coercing
18
Q

Evaluation of Consumer Protection Act 2007

A
  • Customers get fair and honest information about what they are buying and the price they will have to pay
  • They law ensures that they can’t be lied to or mislead
  • People aren’t aware of their rights
  • More advertising about rights
19
Q

Competition and Consumer Protection Commission

A

Promotes fair competition and protects the interest of consumers
• Provides information and advice to the public and businesses
• Advises the government on how best to ensure fair competition
• Enforces consumer and competition law
• Publishes a list identifying businesses breaching consumer law

20
Q

Non-legislative ways of resolving conflict

A
  • Talk to retailer (Know your rights, receipt, ask to speak to manager, complain in firm and friendly manner)
  • Letter of complaint
  • CCPC
  • Trade Associations
21
Q

Consumers’ Association of Ireland

A
  • Non-commercial organisation
  • Protect and promote interest of consumers
  • People pay annually and receive a consumer magazine “Consumer Choice” and advise on consumer rights
22
Q

Financial Services Ombudsman

A

Resolves consumer complaints against financial institutions

Final non-legislative solution

23
Q

Office of Ombudsman

A

Public services
Complaints against state-owned organisations
Makes recommendations

24
Q

Small Claims Court

A

Goods up to €2000
No solicitor needed
€25 fee
• Applicants completes a form describing situation which can be accessed online or by post
• Sent to Registrar which is sent to Respondent (business in dispute)
• Counterclaim - follow same procedure
• Admit - comply with submitting to judgement
• Ignore - deemed to have admitted it

25
Q

Advantages of Small Claims Court

A 
Faster than going to  district court 
Low cost
Accessible - small fee
Unbiased 
Online allows anyone to make a complaint in their own time
26
Q

Disadvantages of small claims court

A

Only values up to €2000
Recommendation not legally binding / Cannot force an agreement
Have to go to district court or higher court if not happy

Business (18 decks)

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