Unit 1 Key Terms PDF

UNIT 1 KEY TERMS STAKEHOLDERS Stakeholder Involved in and/or affected by a business and its ac4vi4es, interdependent on each other Entrepreneur Spots gap, takes personal/financial risk to make a profit Investor Gives capital to fund a business for a return on their investment Employer Hires employee...

UNIT 1 KEY TERMS STAKEHOLDERS Stakeholder Involved in and/or affected by a business and its ac4vi4es, interdependent on each other Entrepreneur Spots gap, takes personal/financial risk to make a profit Investor Gives capital to fund a business for a return on their investment Employer Hires employees to carry out work, paying them wages, has responsibili4es and desires Employee Is paid wages to carry out work for their employer, has rights and responsibili4es Manager Runs a business or part of (department) for the entrepreneur, has skills (mo4va4ng, communica4ng, leading), ac4vi4es (planning, organising, controlling) and characteris4cs Investor Puts money/capital into a business with hope of making a return, may seek security for capital Producer Manufactures goods from raw materials, combining the factors of produc4on, has desires/aims Supplier Sells a business goods (stock) or partly finished goods (raw materials) Service Provider Offers a business services such as electricity, internet, legal, banking Consumer Buys goods/services for their own consump4on, has desires/aims Government Sets rules and laws, gets paid taxes, creates suitable climate for businesses Interest group Pressure groups that affect and are affected by a business’ ac4vi4es, lobbies/nego4ates on behalf of a group with a common interest, not poli4cal but exert poli4cal pressure TYPES OF RELATIONSHIPS BETWEEN STAKEHOLDERS CompeIIve Win-lose, one party benefits at the expense of another, work RelaIonship towards opposing goals, has benefits CooperaIve Win-win, mutual benefit for both par4es, working together, work RelaIonship towards shared goal, has benefits ELEMENTS OF LEGALLY VALID CONTRACT Offer Must be clear, complete, uncondi4onal, offer termina4on (rejec4on, revoke, death, 4meframe, counter offer), invita4on to treat differences (invites person to make an offer) Acceptance Must match exact terms of offer, counter offer if not Agreement Offer and acceptance, can be oral/wriMen/by conduct, no legal effect un4l communicated by offeree ConsideraIon Something of value/benefit must be exchanged between par4es, must be real, must be legal, need not be adequate Legality Of Form Some contracts legally need to be in a certain format eg hire purchase or house sale must be wriMen Consent To Contract Party cannot be forced to agree (no threats, lies or undue duress) 1 Capacity To Contract Legal ability to agree, can’t be diplomat (diploma4c immunity), insane, ac4ng ultra vires (outside memorandum), under 18 (except necessi4es) Legality Of Purpose Illegal contracts such as a drug deal are not enforceable by law IntenIon To Contract Awareness that the agreement is legal, genuine intent in forming binding contract, not just social or familial, all business agreements deemed binding, social/familial are not CondiIon Fundamental term of contract, vital, if broken contract is null and void (terminated), can sue for damages Warranty Lesser term of contract, if broken contract is not terminated and s4ll deemed contractual, can sue for damages TERMINATION OF A LEGAL CONTRACT FrustraIon Unforeseen event occurs (death/bankruptcy) making contract impossible Performance Both sides carry out contractual obliga4ons Agreement Par4es decide to end contract early by mutual consent Breach Party breaks an essen4al element (condi4on) REMEDIES FOR BREACH OF A LEGAL CONTRACT Specific Performance Remedy for breach, court orders party who broke the contract to fulfil the agreed terms of it Financial Court orders guilty party to pay damages CompensaIon Rescind Contract Court orders par4es to return to ini4al star4ng posi4on, as if contract never happened Factors Leading To Industrial Disputes Disputes over pay, changes to working condi4ons; redundancy, new technology, demarca4on issues; trade union recogni4on; unfair dismissal; discrimina4on Cost of living (infla4on), comparability, produc4vity, rela4vity Types Of Pay Claims Employees Can Make NON-LEGISLATIVE SOLUTIONS Personal Approach Discuss, clarify, communicate issues around dispute NegoIaIon Offers, counter-offers, compromise to reach a solu4on ConciliaIon Unbiased third party encourages par4es to listen to each other ArbitraIon Unbiased third party listens to par4es then offers a solu4on INDUSTRIAL RELATIONS ACT 1990 (INDRA 1990) INDRA 1990 Trade dispute defini4on, legal dispute, illegal dispute, picke4ng rules, official industrial ac4on procedure, WRC Trade Disputes The employment or non-employment or terms/condi4ons of a employment of any person Secret Ballot And One Confiden4al vote, majority needed, seven days' no4ce to Week's NoIce employer, ICTU consent Primary And Peaceful protests outside workplace with placards, legal (primary) Secondary PickeIng or outside another workplace frustra4ng resolu4on, illegal if haven’t directly frustrated picket (secondary) Immunity If ac4on is official/sanc4oned, employer cannot sue employees 2 TYPES OF INDUSTRIAL ACTION THAT ARE LEGAL Official Strike Employees do not enter their workplace and do not do any work, official if secret ballot, ICTU consent, employer 7 day no4ce, legal dispute under INDRA 1990, must be peaceful Work-To-Rule Do exact jobs wriMen in their contract, without any flexibility OverIme Ban Workers refuse to work extra hours outside contract hours Token Stoppage Brief stoppage of work, carries threat of further ac4on Go Slow Duty performance in very slow manner, reduces produc4vity UNFAIR DISMISSALS ACT 1977-2015 (UDA 1977-2015) UDA 1977-2015 Defines unfair dismissal, unfair dismissal grounds, fair dismissal grounds, dismissal rights, dismissal procedure, unfair dismissal redress, construc4ve dismissal Fair Dismissal Incapable, incompetent; qualifica4ons; misconduct; redundancies; legal reasons (queen mother impaled red leMuces irritably) Steps For Dismissal 1. Counselling: 2. Formal Verbal Warning: 3. Formal WriMen Warning: 4. Final WriMen Warning 5. Inform of Dismissal in Wri4ng 6. Offer right of appeal Unfair Dismissal All dismissals deemed unfair (burden of proof on employer to prove not), eight grounds (PATTER UP) Redress For Unfair Reinstatement; re-engagement; compensa4on (up to two years' Dismissal pay) Constructuve Dismissal Working condi4ons of an employee are made so difficulty or that the treatment of an employee is so intolerable that the employee has no op4on but to resign, burden of proof on employee to prove unfairly dismissed, EMPLOYMENT EQUALITY ACT 1998-2015 (EEA 1998-2015) EEA 1998-2015 Defines discrimina4on, prohibits discrimina4on, discrimina4on bases, defines harassment, outlaws harassment, equal pay clause, WRC inves4ga4on Employment Treated in a less favourable way than another person is had or DiscriminaIon would have been treated in a comparable situa4on on any of the nine grounds (giraffes clawed rubies from scary doors to preMy alleyways) DiscriminaIon Bases Recruitment, promo4on, equal pay, working condi4ons, harassment, dismissal, training/experience Harrassment Any act or conduct which is unwelcome and offensive, humilia4ng or in4mida4ng on a discriminatory ground, including acts of physical in4macy, spoken words, gestures or the produc4on, display or circula4on of wriMen material or pictures, employers obliged to take all steps to outlaw WORKPLACE RELATIONS COMMISSION (WRC) Set up under INDRA 1990, advisory service, concilia4on service, media4on service, adjudica4on services, inspec4on services, codes of prac4ce, inves4gates EEA 1998-2015 complaints 3 THE LABOUR COURT Inves4gates complaints as a court of last resort, not court of law, arbitra4on, codes of prac4ce, registers agreements, set up JLCs, hears WRC adjudica4on appeals RESOLVING CONSUMER COMPLAINTS IniIal Steps Know rights; use receipt; act promptly; complain; track complaint Small Claims Procedure €25 fee, claims up to €2,000, under local district court, consumers to businesses or businesses to business, informal (no solicitor), to solve an unresolved consumer conflict Ombudsman Inves4gates consumer complaints against public bodies, independent, impar4al, free, exhaust all other methods first, make within 12 months, Ger Deering COMPETITION AND CONSUMER PROTECTION COMMISSION (FUNCTIONS) Informing The Consumer Provides informa4on online and on social media accounts Enforcing Consumer Law Issues compliance no4ces, fines, wriMen undertakings, prohibi4on orders, consumer protec4on list ConducIng Research Into Researches consumer behaviour and outcomes to help Consumer Issues consumers realise possible savings/improvements available Enforcing CompeIIon Law Can take legal proceedings against EU and Irish law breakers eg oil cartel Advising The Government Highlights issues facing consumers and suggests law changes Assess Mergers Examines poten4al mergers and acquisi4ons, reduces likelihood of monopolies that prevent fair compe44on SALE OF GOODS AND SUPPLY OF SERVICES ACT 1980 Provisions For Goods Merchantable quality for its given price; conforms to sample used to sell it; fit for purpose intended; as described in adver4sement or descrip4on, buyer has right to quiet possession Provisions For Services Provider is qualified/has necessary skills; due care is taken (not rushed/ poorly delivered); all goods used in service and given as a result of service are of merchantable quality Guarantees Addi4onal protec4on given to the consumer on top of legal rights, doesn’t affect statutory rights, retailer responsible Signs LimiIng Consumer Cannot display a sign reducing legal rights, cant limit legal Rights liability Unsolicited Goods/InerIa Goods sent to a person that they did not order, payment can’t Selling be demanded, right to keep if aler 30 days wriMen no4ce to retrieve or if aler 6 months no collec4on granted no interference to collect Retailer Is Responsible Retailer, not the manufacturer, is responsible for fixing the consumer's issues Redress Available Cash refund for complaining promptly; replace product with new or similar model; repair product THE CONSUMER PROTECTION ACT 2007 (CPA 2007) 4 Misleading PracIces Misleading claims, includes misleading adver4sements, includes the withholding of informa4on Prohibited PracIces No cold calling, pyramid schemes, free prizes when it costs, false claims, compe44ons where prize isn’t available, payment for unsolicited goods Pricing Rules Must be clear and accurate, inclusive of fees/taxes/charges, display rules, promo4on rules Aggressive Selling PracIces No harassment, coercion or undue influence CCPC Statutory body, dual mandate responsible for enforcing consumer protec4on and compe44on law in Ireland, has many func4ons 5