People in Business

What is a business?

• An organization set up to provide goods and services to customers.

• A place where people work.

• A type of contract.

• A financial institution.

Who is an entrepreneur?

• A person who takes the risk to set up a business.

• A person who invests money in a business.

• A person who manages a business.

• A person who buys goods.

What is the role of an investor?

• To give money to an entrepreneur.

• To manage the business.

• To provide goods.

• To hire employees.

What does an employer do?

• Hires people to work.

• Invests in businesses.

• Provides services.

• Produces goods.

What is the role of an employee?

• Works for an employer in return for a wage.

• Invests money in a business.

• Manages the business.

• Provides services.

What is a contract?

• A legally binding agreement.

• A type of business.

• An investment.

• A job description.

What are the essential elements of a contract?

• Offer, Acceptance, Consideration, Intention, Capacity, Consent, Legality of form, Legality of purpose.

• Offer, Acceptance, Agreement.

• Terms, Conditions, Signatures.

• Parties, Agreement, Consideration.

What does 'consideration' mean in a contract?

• The payment given in return for a promise.

• The agreement between parties.

• The legal capacity to contract.

• The intention to create a legal obligation.

What is meant by 'capacity to contract'?

• The legal ability to enter into a contract.

• The financial ability to fulfill a contract.

• The willingness to negotiate.

• The understanding of the contract terms.

What happens if one party breaches a contract?

• The other party can take them to court.

• The contract is automatically void.

• Both parties must renegotiate.

• The contract remains valid.