Unit 1 People in Business 2022.docx

Stakeholders

People who are affected by how the business is run

Entrepreneur

Comes up with the idea & takes the risk involved in setting up the business with the aim of making a profit

Investor

Provides the money (capital) that the entrepreneur needs to set up & run the business in exchange for a return on their investment

Employer

Hires others to work for them. May be the entrepreneur

Employee

Works for the employer in exchange for a wage

Manager

Runs the business on behalf of the employer/entrepreneur

Producer

Makes finished products to sell to consumers

Consumer

Buys goods or services from the business for their own personal use

Service Provider

Businesses that provide a range of supports to entrepreneurs/other businesses

Interest Group

An organization representing the common viewpoint, objectives, and goals of particular stakeholders

Contract Law

A legally binding agreement between two or more parties in which each promises to do something for the other, enforceable by law

Offer

Made when a person asks another to enter into a deal with them, can be made orally, in writing, or by conduct

Acceptance

Occurs when the other person agrees precisely to all the terms of the deal without any conditions, can be oral, written, or by conduct

Consideration

Some advantage or benefit must move from one party of a contract to the other for it to be legal

Intention to Contract

Both parties must mean for the agreement to be legally binding

Capacity to Contract

Legal right/ability for persons and companies to enter into a contract

Consent to Contract

Both parties must give their permission to enter into the contract

Legality of Form

Certain contracts must be in a particular form to be legal

Legality of Purpose

The purpose of a contract must be legal for it to be upheld in court

Termination of a Contract

Ways a contract can end, such as performance, agreement, frustration, breach, and remedies for breach

Aggressive Practices

Coercing or pressuring a consumer to buy a product, including threatening language or taking advantage of consumer circumstances.

Prohibited Practices

Certain illegal practices under the law, such as making untrue claims, false advertising, demanding payment for unsolicited goods, and pyramid schemes.

Pricing & Price Display

Rules for pricing, including clear display of prices, regulations on price display formats, and government setting maximum prices in emergencies.

Sanctions & Penalties

Actions the CCPC can take against businesses breaching the law, including prosecution, compliance notices, prohibition orders, and fines.

Consumer Redress

Entitlements for consumers affected by illegal practices, such as compensation orders and exemplary damages.

Small Claims Court

A court for inexpensive resolution of claims up to €2,000, accessible online without a solicitor, but with limitations on compensation and case types.

Industrial Relations Act 1990

Legislation defining trade disputes, legitimate reasons for disputes, conditions for strikes, and types of legitimate industrial actions.

Workplace Relations Commission

State agency providing industrial relations services, including information, dispute resolution, grievance resolution, and compliance investigations.

Unfair Dismissals Act 1977/2007

Legislation protecting employees from unfair dismissal, outlining fair and unfair reasons for dismissal, and procedures for dismissal and redress.

Constructive Dismissal

Occurs when an employer makes working conditions so intolerable that an employee feels compelled to resign.

Employment Equality Act 1998-2015

Legislation defining and prohibiting various forms of discrimination in the workplace based on nine specified grounds.

Direct Discrimination

Treating someone less favorably due to their personal characteristics.

Indirect Discrimination

Treating someone less favorably due to requirements that disproportionately affect certain groups.

Discrimination by Association

Treating someone unfairly because of their connection to a person with protected characteristics.

Discrimination by Imputation

Treating someone unfairly based on the assumption that they belong to a protected group.

Mediation

A process where an Equality Mediation Officer helps parties reach a mutually acceptable agreement in cases of discrimination.

Adjudication

Involves an adjudication officer making a legally binding decision on a discrimination dispute if mediation fails.

Remedies

Possible outcomes following a discrimination case, including equal pay, compensation, and back pay for the affected employee.

Workplace Relations Commission

Responsible for investigating breaches of the Employment Equality Act and resolving discrimination cases.