Professionalism And Ethics [6] *G10 Flashcards
Organisational culture explained
Common perception among employees regarding values and behaviour
How is ethical behaviour established in a business (3)
-recruitment of ethical people
-management should lead by example
-constantly reminding employees of desired behaviour
Unethical behaviour regarding marketing
(5)
-materialism - false needs created
-deceptive names
-competitive advantage (illegal)
-unacceptable language/discrimination
-decieving consumer
Contact definition
A written document or a verbal agreement that’s legally binding between 2+ parties
Legally binding definition
Court forces parties involved to honour contract
Elements that make a contract legally binding (5)
-contractual capacity
-sound mind
-reasonable
-legal
-possible
Explain contractual capacity
Person legally allowed to enter contract
18+
Explain sound mind
Person doesn’t suffer from any mental illness
Explain reasonable
Conditions must be reasonable
Explain legal
Duties carried out are legal
No unlawful activities
Explain possible
Activities must be physically possible to achieve
A breach in a contract occurs when
(5)
-any requirements compromised
-party failing to fulfill requirements
-false or misleading information
-forced to/tricked to sign a contract
-requirements unclear
Name the types of contracts
(6)
-employment
-insurance
-lease agreement
-instalement sale contract
-rental agreement
-franchise agreement
Explain employment contract
An agreement between employer and employee where
-employee performs duties to meet deadlines
-employer remunerated employee for work
What’s some employment contract information
(5/9)
-name and address of both parties
-job title
-job description and responsibilities
-remuneration structure
-leave details
-notice period
-code of conduct
What’s an insurance contract
-insurer (company) carries the risk and protects insured against possibility of loss
-insured protects their assets against potential loss
Montly payment
What’s a lease agreement
lessee uses goods for an agreed monthly fee but goods NEVER BECOME PROPERTY OF LESSEE
Explain instalment/hire purchase agreement
Buyer:
-pays deposit
-immediately takes possession of goods
-pay off goods in monthly installments
-ownership only transferred after last installment is settled
What’s the NCA
National Credit Act helps protect the rights of both parties to enter an installment sale contract
What’s a rental agreement
When a tenant rents property from a landlord
-tenant pays monthly amount
-rented property never becomes property of the tenant
What’s the RHA
The Rental Housing Act looks after the rights of both parties involved in a rental agreement
What’s a franchising contract
-When franchisor provides training and allows franchisee to use business concept
-Franchisee promises to pay a sum for the use of the business concept
Self knowledge definition
Knowing oneself and understanding what drives personal motivation
Self confidence definition
The level of trust one places in one’s ability in one’s ability to perform a particular task
