resolving conflict in the marketplace

Question 1

contract

Answer 1

a legally binding agreement between 2 or more parties which is enforceable by law

Question 2

elements of a valid contract

Answer 2

agreement
intention to contract
capacity to contract
consent to contract
consideration
legality of purpose
legality of form

Question 3

agreement

Answer 3

clear ,unconditional offer made by one party and accepted by the other party to a contract
orally or writing

Question 4

intention to contract

Answer 4

both parties intend to create a legally binding contract
all business agreements are intended to be legally binding
all social and private agreements are not intended to be legally binding

Question 5

capacity to contract

Answer 5

all people and businesses have the legal ability to enter into a contract except for
u18s and people who are mentally incapacitated

Question 6

consent to contract

Answer 6

contract is invalid if
a party is put under physical pressure or threatened
genuine mistake is made by either party to the contract
either party is dishonest and gives false information to encourage another party to enter

Question 7

consideration

Answer 7

each party in the contract must give something of value to the other party
both parties must gain from the contract

Question 8

legality of purpose

Answer 8

must be created for a legal purpose

Question 9

legality of form

Answer 9

contracts must be drawn up in correct legal form

Question 10

sale of goods and supply of services act 1980

Answer 10

right of consume when purchasing a good
right of consumer when purchasing a service
remedies for breach of act
retailers responsility
guarantes
second hand goods
inertia/unsolicited goods

Question 11

consumer protection act 2007

Answer 11

misleading descriptions
aggresive practices
prohibited practices
price display regulations
price control

Question 12

CCPC

Answer 12

independent body that enforces competition and consumer protection law in ireland

Question 13

functions of CCPC

Answer 13

informs consumer of their rights
investigates breaches
advises government
provide financial information and education
enforces product safety regulations