My name is James Esses. I am 18 years old and am just about to start my Law degree at the University of Nottingham in the UK. In my Leaving Cert I got 590 points (made up of 5 A1's and 2 A2's). In my opinion the Leaving Cert is more a test of hard-work rather than natural intellect. And so I made sure to work my ass off when it came to compiling my leaving cert notes. I went through each subject and took all the necessary information out and put them into easy to follow notes. Then I completely got rid of studying from long, boring school books and just studied off my notes. They contain everything you need to do well in the exam. If they worked for me, they can work for you too :) Just as a side note. Some subjects such as history/classics have many different options on the course, so my notes would only work for the options that I did. Thanks, James

It has each and every unit covered with the most important definitions, key facts and examples needed to ace the exam without having to read through 100's of pages of boring business waffle.

TOPICS People in Business Contract Law Consumer Conflict Non-Legislative Methods of Solving Consumer Conflicts Industrial Relations Conflicts Enterprise Management Management Skills Communications Business Ideas Business Startup Marketing Business Expansion Business Organisations Categories of Industry Business, The Economy and Government Change Community Development Social Responsibility International Trade European Union Global Business Management Activities Human Resource Management Insurance and Tax Insurance Taxation Finance Budgeting

This is Business-Unit 1

Chapter 1-People in Business of 13 
Stakeholders


Stakeholders-Anyone affected by how a business is run

List of Stakeholders:
Entrepreneur
Investor
Employee
Employer
Producer
Consumer
Service Provider
Interest Group

Entrepreneur-An entrepreneur is someone who spots a gap in the market and takes the initiative to set up a business to make money from that opportunity. He takes a big risk in doing so.

Examples of Entrepreneurs-Bill Gates (Microsoft)

Investor-A person who gives capital to the entrepreneur that is needed to set up the business in exchange for a return on the investment.

•	Investors can also give capital in return for a share (equity finance) and receive a dividend. 

Example of Investor-Bank of Ireland

•	The entrepreneur and investor have a dependent relationship.

Employer-The person who hires others to work for them and rewards the employee financially with pay.

Example of employer-Aer Lingus

Employee-The person who works for an employer in return for a wage.

Example of employee-Pilot in Aer Lingus

•	The employee and employer have a dependent relationship.

Manager-The person who runs the business and makes sure that it achieves its objectives.

Example of manager-Michael O’Leary

Producer-A business that makes finished products from raw materials to sell to consumers.

Example-Cadbury’s who take milk and other ingredients and turn it to chocolate.

Consumer-The person who buys goods or services for his own personal use.

•	The producer and consumer depend on each other

Service Provider-A business that offers a range of valuable support to a entrepreneur. They operate in the tertiary sector of the economy.

Example-Eircom who provides them with communications.

Interest groups-An organisation of people who come together and campaign for a common goal. The use tactics such as negative publicity and boycotts.

Example-Greenpeace-Boycott of Shell after dumping of oil rig
	    Irish Business and Employers Confederation (IBEC)-help businesses.
                 Irish Congress of Trade Unions (ICTU)-fight for rights of workers

Relationship between Stakeholders
1.	Co-operative Relationship
•	This means that the stakeholders in the business work together to achieve the same objective. 
•	It is a win/win situation.
•	They do better from working together as a result.

Example-Employers and employees working together to save business. Employees agree to pay cut in return for shares.
                In 1990’s, Ford and Mazda worked together and formed a strategic alliance to develop a new car.

2.	Competitive Relationship
•	This means that one party wants to be more successful than the other.
•	This is a win/lose situation.

Examples-Two employees might compete for a promotion in a business
	     Ryanair and Aer Lingus compete with each other

3.	Dependent Relationship
•	This means that the parties need each other to be successful.

Example-Consumers and producers depend on each other.


4.	Dynamic Relationship
•	This means the relationship is constantly changing.
Example-Coke and Pepsi when secret recipe was revealed
                 Competing businesses in a town might work together in festival.

Contract Law
Contract-A legally binding agreement between two or more people that is enforceable by law.

Essential Elements
1.	Offer
•	When one person asks another to enter into a deal with them. Must be valid and all terms must be set out clearly. 
•	When you place groceries on a conveyor belt
•	Not an invitation to treat-e.g a price tag.

2.	Acceptance
•	When the other person agrees to the terms of the contract.
•	When the supermarket scans your goods.

3.	Consideration
•	The payment that must be received by each party (quid pro quo).
•	The supermarket receives your money and you receive the goods.

4.	Intention to Contract
•	Both parties must mean for it to be a legally binding agreement.
•	Agreements between family members are never contracts because there is no intention for them to be.
•	Agreements between business people are always meant to be.

5.	Capacity to Contract
•	The people must have the legally ability to enter into a contract.
•	Everyone can except under 18’s, mentally incapacitated, diplomats and directors who act ultra vires.

6.	Consent to Contract
•	This means that both parties must give their full and real permission.
•	Someone can’t be forced into making a contract.

7.	Legality of Form
•	Certain contracts must be drawn up in certain ways.
•	Hire purchase contracts must be in writing.

8.	Legality of Purpose
•	Legally binding contracts can only be for legal transactions.
•	A contract over a robber will not be upheld in court.



Termination of a Contract
1.	Performance
•	When both sides carry out their duties as under the contract.
•	In a car transaction if one side receives the money and the other receives the car.

2.	Agreement
•	If the parties involved voluntarily agree to end the contract.
•	Most employment contracts allow either side to end the contract with one months notice.
•	Football player might end contract to enter into longer one with more money.

3.	Frustration
•	If an unforeseen event occurs such as death or illness and the contract can’t be carried out.
•	If a singer has a contract with a pub owner but dies before performance.

4.	Breach of Contract
•	If one person breaks a condition of the contract-essential.
•	Not if someone breaks a warranty-non-essential.
•	If a football player misses a training session that is breach of warranty, if he misses a match that is a breach of condition.

Remedies for Breach of Contract
1.	Damages
•	The person who broke the contract is ordered to pay financial compensation.
•	This is good as innocent person does not lose out as a result and may receive extra money.
•	If a singer doesn’t show up for a concert she will have to pay for money lost and inconvenience caused.

2.	Specific Performance
•	The person has to carry out the terms of the contract as it was originally.
•	This is good as innocent person doesn’t suffer at all.
•	The singer could be ordered to perform at a later date.

3.	Rescind the Contract
•	The judge cant restore the parties to exactly how they were before the contract was written which would happen in case of frustration.
•	This is good as the innocent person is no worse off.
•	If the singer was ill the contract might be rescinded.