Stakeholders, Relationships, and Contract Law

Flashcards covering key vocabulary and concepts related to stakeholders in business, relationships between them, and elements of contract law.

Stakeholders

People or groups of people affected by a business.

Producers/Manufacturers

Businesses that make products and supply them to retailers or directly to consumers.

Consumers

Individuals who buy goods and services for personal use.

Managers

Individuals employed to run businesses on behalf of entrepreneurs.

Employers

People who hire others to work for them in exchange for pay.

Employees

Individuals hired by employers to perform work for pay.

Entrepreneurs

Visionary individuals who take risks to establish and run a business.

Interest Groups

Organizations that represent groups of people with shared interests.

Local Communities

Areas and people surrounding business operations that are impacted by businesses.

Offer

A proposal made by one party to another to enter into a contract.

Acceptance

An agreement by the offeree to the terms of the offer.

Consideration

The benefit or value exchanged between parties in a contract.

Intention to Contract

The willingness of parties to create a legally binding agreement.

Capacity to Contract

The legal ability of parties to enter into a contract.

Consent

The mutual agreement of parties to the terms of a contract, free from coercion.

Legality of Form

Certain contracts must be in a specific format to be legal.

Termination of Contract

The end of a contract due to performance, agreement, frustration, or breach.

Damages

Compensation awarded for losses due to breach of contract.

Specific Performance

A legal remedy where the court orders a party to fulfill their contractual obligations.

Rescind

To legally cancel a contract and return parties to their pre-contract positions.