Mock Exam Paper C - Higher Level Marking Scheme
Pre – Leaving Certificate Examination 2013
Business Higher Level
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- Outline two remedies for breach of Contract.
- Sue for damages - the aggrieved party can take court action to recover losses suffered
- Specific performance - This involves asking the court to order that the contract must be carried out, as per agreement.
- Rescind the contract - this means that the contract is cancelled and all parties are released form their contractual agreements.
- Give two examples of how a person can be enterprising in their local community.
- People starting a new club or community
- Fundraising by the people in an area to build a community centre
- Setting up a tidy towns committee
- setting up groups who visit and read to elder people of the community
- What do the following letters stand for? Write each answer in full in the space provided:
IRO : Industrial Relations officer
PAYE : Pay as you Earn
ROI : Return on Investment
PLC : Public limited company
LRC: Labour Relations commission (5@2)
- Explain two important principles of insurance
- Insurable interest - This means that you can only insure something if you have a legal relationship with the item being insured i.e that you must derive some benefit from it and would lose money if something happened to it.
- Utmost Good Faith -This states that when people apply for insurance they must answer every question on the proposal form truthfully.
- Indemnity -This principle is that you cannot profit from an insurance claim and so end up no better or worse off after making the claim.
- Subrogation -This means that once you receive compensation you give up your rights to the item to the insurance company.
- Contribution -This states that if you insure an asset with more than one company that you will receive a fraction of the ...