Chapter 1&2 business

• Stakeholders

  • Entrepreneur
  • Investor
  • Employee
  • Government
  • Producer
  • Supplier
  • Consumer
• Investor

  The people or organisations that provide the capital needed to establish and operate the business
• Loan capital

  Capital from a bank that is paid back with interest
• Equity capital

  Capital invested by individuals
• Interest groups

  • Represent the interests of business owners
  • Trade associations representing businesses in the same cluster
  • Trade unions representing interests of employees in particular industries
• How interest groups campaign

  • Lobbying to persuade decision makers
  • Boycotting to show dissatisfaction
• Stakeholder relationships

  • Win-win/mutual benefit
  • Co-operative
  • Competitive
  • Dynamic
  • Dependent
• Contract

  A legally binding agreement between parties that is enforceable by law
• Elements of a contract

  • Offer
  • Acceptance
  • Consent
  • Consideration
  • Legality
  • Legality of form
• Termination of a contract

  • Performance
  • Agreement
  • Frustration
  • Breach
• Remedies for breach of contract

  • Sue for damages/compensation
  • Specific performance
  • Rescind the contract
• Non-legislative methods for resolving consumer conflict

  • Negotiation
  • Writing a letter of complaint
  • Assistance from a third party
• Legislative methods

  • Sales of Goods and Supply of Services Act 1980
  • Consumer Protection Act 2009
  • Competition and Consumer Protection Commission
  • Ombudsman
  • Small Claims Procedure
• Sales of Goods and Supply of Services Act 1980

  • Goods must be of merchantable quality, fit for purpose, correspond to description and sample
  • Services must be provided with reasonable skill and care using goods of merchantable quality
  • Remedies for breaches are refund, repair, replacement
• Consumer Protection Act 2009

  • Protects consumers from unfair, misleading and aggressive business practices
  • Allows for government approved price controls in emergencies
• Competition and Consumer Protection Commission

  • Informs consumers of their rights
  • Enforces consumer laws and issues fines
  • Advises government and conducts research
• Ombudsman

  Free service for consumers to make complaints against organisations after their internal complaints process
• Small Claims Procedure


  Easy, cheap and fast way for consumers to make claims up to €2,000 for faulty goods, poor quality services or property damage