Read the information supplied and answer the questions which follow - Leaving Cert Business - Question 1 - 2012

An offer is a voluntary proposal or promise made by one party (the offeror) to another (the offeree) that must be accepted for the contract to be legally binding. In the provided case, Joe viewed the car and engaged in a discussion about it with Michael, which led to Joe making an agreement on the price of €9,000.

Acceptance refers to the agreement of the offeree to the terms of the offer. Joe accepted the offer when he agreed to the price of €9,000 and signed the relevant documentation, confirming his agreement to purchase the car.

Consideration entails both parties in the contract providing something of value to one another. In this case, Joe paid €9,000 for the car, and in exchange, he received the car as agreed upon.

'Performance' occurs when both parties fulfill their obligations as stated in the contract, completing the agreement. In this scenario, both Joe and Michael should have completed their responsibilities regarding the sale. On the other hand, 'Frustration' describes an unforeseen event that prevents the completion of the contract, such as the inaccurate mileage reading discovered by Oliver.

Murray's Garage violated the Consumer Protection Act, 2007, by providing misleading information in their advertisement. The act requires that advertisements be fair and accurate. Joe was led to believe the car had only 32,000 kilometres on the clock, while it actually had traveled 62,000 kilometres, thus breaching this regulation.

The National Consumer Agency serves to protect and promote the interests and welfare of consumers. Two key functions include: (1) Informing consumers about their rights and publishing information such as shopper’s rights leaflets, and (2) Investigating complaints and encouraging the resolution of consumer disputes, ensuring fairness in trade practices.