CIPD Factsheet The psychological contract Revised July 2011 ------------------------------------------------- What is the psychological contract? The term ’psychological contract ’ was first used in the early 1960s but became more popular following the economic downturn in the early 1990s. It has been defined as ’…the perceptions of the two parties‚ employee and employer‚ of what their mutual obligations are towards each other ’1. These obligations will often be informal and imprecise:
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2007-2008 Dr Olivia Smith Employment Law: Identifying the Contract of Employment Reading: M. Forde‚ Employment Law 2nd ed. (Dublin: Roundhall Sweet and Maxwell‚ 2001) Chapter 2. History ▪ the move from status to contract. Query whether a move back to status? The protection afforded to individual employees under Irish employment law depends on a legal paradigm whereby the rights provided for are implied into the terms of the contract between the employer and the employee. Thus the starting
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1 Elements of a Contract Moses Parker BUS 670: Legal Environment Porf. Stacey Callaway October 6‚ 2014‚ 2014 ELEMENTS OF A 2 Elements of a Contract Indeed‚ contracts plays a very significant role in all aspects of society; according to Nysten & Lehto‚ (2012)‚ “Business people often understand contracts as legal documents‚ designed by lawyers in
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Opportunity cost Have you ever been in the situation deciding which cloth to buy? Have you ever facing the dilemma of to study or to play? Have you ever consider as a seller and choose to lower the price or raise it? In the field of economics‚ here’s a solution for you. The magic word is “opportunity cost”. Opportunity cost in terms of economy is the highest-value alternative one has to give up to engage in an activity. In other words‚ using the same resources such as money and time‚ the best
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What is a contract? A business contract is a legally binding agreement between two or more parties to do or not to do certain things. For example‚ a business contract could be for the sale of goods or supply of services at a certain price. There are many different types of contracts including: the sale and purchase of a business agreement; partnership agreements; leases of business premises; leases of plant and equipment; and employment agreements. The process for creating a contract generally
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ETHICS IN CONTRACTS Abstract: When creating a contract‚ a negotiator is not only doing so to reach an agreement between two or more parties‚ but to create an agreement that is durable; whereby parties of the contract are legally bound and committed to its promises . “A legally binding contract is defined as an exchange of promises or an agreement between parties that the law will enforce‚ and there is an underlying presumption for commercial agreements that parties intend to be legally
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ASPECTS OF CONTRACT AND NEGLIGENCE OF BUSINESS Task: 1.1: Explain the importance of the essential elements required for the information of a valid contract? Offer A valid offer identifies the bargained-for exchange between the parties and creates a power of acceptance in the party to whom the offer is made. The communication by one party known as the offeror to the another party called the offeree b) Acceptance To constitute a contract‚ there must be an acceptance of the offer
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"all the world"‚ in which case the offeree is regarded as a member of the general public: Carlill v Carbolic Smoke Ball When an offer is made‚ the term of the proposed contract must be communicated to the offeree: Thornton v Shoe Lane Parking However‚ an offer can be made in general terms‚ leaving the precise terms of the contract to be settled later: Master v Cameron The fact that the word ’offer’ is used is not itself conclusive: B Seppelt & Sons Ltd v Commissioner for Main Roads An offer
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Contents Executive summery 3 Introduction 3 LO 1 A valid contract in a Business Context 3 1.1 The importance of the essential elements required for the formation of a valid contract 3 1.2 Impact of different types of contract 4 1.3 Analyze terms in contracts 5 LO 2 Elements of a contract in Business situations 6 2.1 Elements of contract in given business scenarios 6 2.2 Law on terms in different contracts 6 2.3 Effect of different terms in given contracts 7 LO 3 Negligence in Business Activities 7 3.1 Contrast
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“The parties to an executory contract are often faced‚ in the course of carrying it out‚ with a turn of events which they did not at all anticipate – a wholly abnormal rise or fall in prices‚ a sudden depreciation of currency‚ an unexpected obstacle to the execution‚ or the like. Yet this does not in itself affect the bargain which they have made…” (per Lord Simon in British Movietonews Ltd. v. London and District Cinemas [1952] A.C. 166 at 185). Discuss this dictum and explain the respects in
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