A contract is a legally enforceable agreement between two or more parties When creating or managing a contract, the following components of contract law apply Match the key component with the correct example Termination of contracts Key component Dispute resolution clause Exclusion clauses Methods of contractual agreement Terms and obligations of contract Key component Example C Is a listed exemption within the contract that identifies any exclusions, such as breaches of the contract It must be included in the original contract and cannot supersede the law E A contract can be verbal or written and in the form of a modest document to a formal contract constructed by a lawyer Outline the rights and responsibilities of each party involved in the contract Refers to the dissolution of a contract, usually after an alternative solution cannot be agreed upon The reasons why a contract can be terminated is included in the contract after both parties are in agreement Outlines the nature of the disagreement and what is deemed to have occurred and agrees on the steps that should be taken to resolve the dispute What is the role of agreements and contracts in the Tourism, Hospitality and Events (TH E) industry Select the three (3) correct answers To make sure a supplier cannot provide their product to another company To outline the obligations of both parties To formalise an agreement and make it enforceable by law Provide a record of an agreement and the arrangements agreed upon Indicate whether the following statements regarding agreements and contracts are true or false Agreements should be documented according to organisational requirements True False Before an agreement is formalised, you should obtain approval from appropriate management True False Contracts shouldn't be documented as a verbal contractual agreement can be passed on to new staff verbally, which is the most convenient way to communicate information True False Legal assistance is only required if the contract is for longer than 4 years True False A signed contract should be kept in a secure location for future reference True False An agreement should include signatures from both parties and the details surrounding the contract True False A contract should be examined closely before signing as it is a legally binding agreement True False With current technology it is easier to maintain and nurture professional relationships through regular contact Which of the following are examples of ways you can maintain contact with customers and suppliers Select the three (3) correct answers Social media, such as Facebook Phone Fax Email Regular contact can be undertaken with customers and suppliers in order to maintain relationships In the following table, match the type of contact with the correct example Types of contact Association membership Cooperative promotions Industry functions Informal social occasions Types of contact Example An industry award night is a great way to bring attention to a business It is a great way to advertise and enhance the business profile Can be as simple as visiting the store or supplier to touch base and maintain contact in an informal way Can occur when two separate business combine their own promotion in order to support and enhance the other business For example, a hotel arranging wine tours with a local vineyard Includes becoming a member of organisations such as Tourism Accommodation Australia or Australian Hotels Association Why is it important to maintain regular contact with your customers and suppliers Select the three (3) correct answers To help maintain healthy business relationships Out of obligation and to keep management happy To identify opportunities for growth within the business relationship To ensure you maintain sound business relationships with your customers According the Local Queensland Government, the negotiation process includes the following points Select the three (3) correct answers Dominating Planning Engaging Closing To be an effective negotiator, you should follow the principles of negotiation Indicate whether the following principles are true or false Consult with your colleagues in the planning phase True False Endeavour to reach an outcome that is considered a win win for both parties True False Ask questions to clarify information True False Only consider what you need, not the other party True False Only consider options you have researched, don't consider new suggestions True False Watch for body language from the other party, signalling closing indicators True False Consider what you will do if you don't reach the desired outcome, such as preparing for a backup plan True False The right negotiation techniques can help ensure both parties achieve a mutually beneficial outcome Select the three (3) correct techniques Have a thorough understanding of what you want from the other party Never compromise Document all the details in writing Act in a professional manner A business has both internal and external customers In the following table, indicate whether the customers are internal or external Employees Internal External Suppliers Internal External Supervisors Internal External Management Internal External Clients Internal External Businesses within the TH E industry have interrelationships with other businesses Using a travel agent as an example, which of the following are examples of business the agency could have a relationship with Select the three (3) correct answers Airlines, such as Qantas Tour providers, such as Topdeck Insurance providers, such as Covermore Local produce suppliers A business relies on supplies in order to operate effectively Which of the following are commonly needed supplies for a restaurant Select the three (3) correct answers Fresh produce Gardening services Pest control services Electricity and water supply Marketing the business and what it offers is a great way to attract new customers and maintain existing ones Which of the following are good examples of how to market the business and its services or products Select the three (3) correct answers Establishing relationships with travel agencies and advertising in their agencies Establishing and maintaining a strong relationship with the local council Relying on word of mouth from previous customers Networking within the local community, participating in fundraisers etc Professional networks are an important part of successful business operations Which of the following are examples of professionals you will need to have a relationship with when working within the TH E industry Select the three (3) correct answers Insurance agent Accountant Lawyer Entertainer A contract is a legally enforceable agreement between two or more parties When creating or managing a contract, the following components of contract law apply Match the key component with the correct example Termination of contracts Key component Dispute resolution clause Exclusion clauses Methods of contractual agreement Terms and obligations of contract Key component Example C Is a listed exemption within the contract that identifies any exclusions, such as breaches of the contract It must be included in the original contract and cannot supersede the law E A contract can be verbal or written and in the form of a modest document to a formal contract constructed by a lawyer Outline the rights and responsibilities of each party involved in the contract Refers to the dissolution of a contract, usually after an alternative solution cannot be agreed upon The reasons why a contract can be terminated is included in the contract after both parties are in agreement Outlines the nature of the disagreement and what is deemed to have occurred and agrees on the steps that should be taken to resolve the dispute What is the role of agreements and contracts in the Tourism, Hospitality and Events (TH E) industry Select the three (3) correct answers To make sure a supplier cannot provide their product to another company To outline the obligations of both parties To formalise an agreement and make it enforceable by law Provide a record of an agreement and the arrangements agreed upon Indicate whether the following statements regarding agreements and contracts are true or false Agreements should be documented according to organisational requirements True False Before an agreement is formalised, you should obtain approval from appropriate management True False Contracts shouldn't be documented as a verbal contractual agreement can be passed on to new staff verbally, which is the most convenient way to communicate information True False Legal assistance is only required if the contract is for longer than 4 years True False A signed contract should be kept in a secure location for future reference True False An agreement should include signatures from both parties and the details surrounding the contract True False A contract should be examined closely before signing as it is a legally binding agreement True False With current technology it is easier to maintain and nurture professional relationships through regular contact Which of the following are examples of ways you can maintain contact with customers and suppliers Select the three (3) correct answers Social media, such as Facebook Phone Fax Email Regular contact can be undertaken with customers and suppliers in order to maintain relationships In the following table, match the type of contact with the correct example Types of contact Association membership Cooperative promotions Industry functions Informal social occasions Types of contact Example An industry award night is a great way to bring attention to a business It is a great way to advertise and enhance the business profile Can be as simple as visiting the store or supplier to touch base and maintain contact in an informal way Can occur when two separate business combine their own promotion in order to support and enhance the other business For example, a hotel arranging wine tours with a local vineyard Includes becoming a member of organisations such as Tourism Accommodation Australia or Australian Hotels Association Why is it important to maintain regular contact with your customers and suppliers Select the three (3) correct answers To help maintain healthy business relationships Out of obligation and to keep management happy To identify opportunities for growth within the business relationship To ensure you maintain sound business relationships with your customers According the Local Queensland Government, the negotiation process includes the following points Select the three (3) correct answers Dominating Planning Engaging Closing To be an effective negotiator, you should follow the principles of negotiation Indicate whether the following principles are true or false Consult with your colleagues in the planning phase True False Endeavour to reach an outcome that is considered a win win for both parties True False Ask questions to clarify information True False Only consider what you need, not the other party True False Only consider options you have researched, don't consider new suggestions True False Watch for body language from the other party, signalling closing indicators True False Consider what you will do if you don't reach the desired outcome, such as preparing for a backup plan True False The right negotiation techniques can help ensure both parties achieve a mutually beneficial outcome Select the three (3) correct techniques Have a thorough understanding of what you want from the other party Never compromise Document all the details in writing Act in a professional manner A business has both internal and external customers In the following table, indicate whether the customers are internal or external Employees Internal External Suppliers Internal External Supervisors Internal External Management Internal External Clients Internal External Businesses within the TH E industry have interrelationships with other businesses Using a travel agent as an example, which of the following are examples of business the agency could have a relationship with Select the three (3) correct answers Airlines, such as Qantas Tour providers, such as Topdeck Insurance providers, such as Covermore Local produce suppliers A business relies on supplies in order to operate effectively Which of the following are commonly needed supplies for a restaurant Select the three (3) correct answers Fresh produce Gardening services Pest control services Electricity and water supply Marketing the business and what it offers is a great way to attract new customers and maintain existing ones Which of the following are good examples of how to market the business and its services or products Select the three (3) correct answers Establishing relationships with travel agencies and advertising in their agencies Establishing and maintaining a strong relationship with the local council Relying on word of mouth from previous customers Networking within the local community, participating in fundraisers etc Professional networks are an important part of successful business operations Which of the following are examples of professionals you will need to have a relationship with when working within the TH E industry Select the three (3) correct answers Insurance agent Accountant Lawyer Entertainer

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Posted on Jun 12, 2024

A contract is a legally enforceable agreement between two or more parties. When creating or managing a contract, the following components of contract law apply.

Key component:

Types of contact:

Key component:

Types of contact: