Ch. 2 - Resolving Conflict in the Marketplace [Definitions]

Flashcards by amanda.acton, updated more than 1 year ago
Created by amanda.acton about 7 years ago


Leaving Certificate Business (Ch. 2 - Resolving Conflict in the Marketplace) Flashcards on Ch. 2 - Resolving Conflict in the Marketplace [Definitions], created by amanda.acton on 01/26/2014.

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Question Answer
Contract A legally binding agreement that can be enforced in a court of law.
The Law of Contract Sets out the rules for proving when a contract exists and when a contract is terminated.
Consideration What each party offers the other as evidence of their agreement.
Intention to Contract Means that the parties in the contract must have intended to create a legally binding contract that could end up in court if not fulfilled.
Consent to Contract Means that each party must give genuine agreement of their own free will to the making of the contract.
Capacity Means that the people agreeing to the contract must have the legal right to do so.
Legality of form Means that certain contracts must be drawn up in writing beforethey can become legally binding.
Legality of Purpose Means that for a contract to be legally binding, it must be for a legal purpose and not involve committing any crime or breaking any law.
Termination of a Contract Means it can no longer be legally enforced.
Condition An essential element of a contract.
Warranty A non-essential element of a contract.
Caveat Emptor A legal term meaning 'let the buyer beware'.
The Sale of Goods and Supply of Services Act 1980 sets out... 1) The legal rights of consumers when they purchase goods. 2) The legal responsibilities of retailers to consumers. 3) The legal remedies available.
Merchantable Quality Means that goods sold to consumers must be reasonably durable, even if they are sale items.
The Consumer Protection Act 2007 The law that protects consumers from unfair business-to-consumer commercial practices. The act bans practices that are unfair, misleading, or aggressive towards consumers, and are likely to impair a consumers' choice.
The National Consumer Agency The State agency that promotes consumers' awareness of their legal rights and ensures that consumer legislation is obeyed by businesses.
The Consumers Association of Ireland A non-commercial organisation set up to protect and promote the interests of consumers.
Small Claims Court Provides an inexpensive, fast, and easy way for consumers to resolve disputes without the need to employ a solicitor.
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