People In Business

Question 1

Entrepreneur

Answer 1

A person who thinks up new ideas and use their initiative to turn their ideas into business realities
Personal and financial risk
Example - Mark Zuckerberg, Bill gates

Question 2

Interest group

Answer 2

An organisation that represents a particular group of people who have similar needs or objectives
Pressurises the government and businesses to change their practices
- Lobbying
- Boycots
Example: Irish Congress of Trade Unions (ICTU)

Question 3

Co-operative relationship

Answer 3

This involves both parties working on towards shared goals and for mutual benefit. Win - Win situation
Example: Investors and entrepreneurs
succesful and money for investment

Question 4

Competitive relationship

Answer 4

This involves two or more rival parties. They both want to be succesful but this is impossible. Only one winner
Example: Ryanair and Aer Lingus

Question 5

Contract

Answer 5

A legally binding agreement between two or more parties

Question 6

Offer

Answer 6

When one party asks another to enter into a deal with them

Question 7

Acceptance

Answer 7

When one party receives an offer and agrees to all the terms of the deal without any conditions
Example: Speaking, writing, conduct

Question 8

Consideration

Answer 8

Each party must give something of value to the other party

Example: supermarket gives you goods as consideration and you give them money as consideration

Question 9

Intention

Answer 9

Both parties intend on the agreement to be a legally binding contract

Question 10

Capacity

Answer 10

All parties involved in the agreement have the power and legal ability to make a contract enforceable by law
Example: Age, Mentality, Ultra Vires

Question 11

Consent

Answer 11

All parties entering into a contract must do so on their own free will
Example: You cannot be bullied or threatened into signing the contract

Question 12

Legality of form

Answer 12

Some contracts are not considered valid if they are not in written form
Example: When buying a house the contract must be in written form

Question 13

Legality of Purpose

Answer 13

Contracts that involve illegal actions are not considered valid
Example: Judge will not compensate drug dealer if his smuggler doesn’t import drugs

Question 14

Condition

Answer 14

A condition is an essential element which goes to the heart of the contract. Breach of condition is effectively breaking the contract
Example: One Direction doesn’t show up for a concert

Question 15

Warranty

Answer 15

A warranty is a less important part of the agreement. Breach of warranty will break the contract. Breach of warranty generally results in a fine
Example: One Direction show up 15 minutes late for a concert

Question 16

Invitation to treat

Answer 16

An invitation to treat may be a price tag on goods or an advertisement. Business’ use such tools as a method of attracting customers and boosting sales