Question: Contract of guarantee is a tripartite agreement. How? What are the rights and duties of surety? Answer: A contract of guarantee is a legal arrangement where one person (the surety) promises to take responsibility for another person’s debt or obligation if they fail to fulfill it. It is called a tripartite agreement because it … Read more
Question: Define business law. What is the significance of law in business management? Answer: Business law, also known as commercial or corporate law, consists of legal rules and regulations that govern the formation, operation, and dissolution of businesses. It covers various aspects such as contracts, partnerships, corporations, employment laws, intellectual property, consumer rights, banking, and … Read more
Business Laws is a set of rules that help businesses operate fairly and legally. It covers things like contracts, sales, property, and how businesses work with customers, employees, and other businesses. Also Business law is important to regulates business operations, protect rights, Encourage fair compensations, risk management and liability, etc. Importance of Business Laws 1. … Read more
Source refers to a place, person, or thing from which something originates or can be obtained. Sources of Business law refers to the authority from which the business law is derived. SOURCES OF BUSINESS LAW a. Legislation or Statutory Law Legislation is the most important and direct source of law. It is made after fulfilling … Read more
Business law is a section of code that is involved in protecting liberties and rights, maintaining orders, resolving disputes, and establishing standards for the business concerns in their dealings with government agencies and individuals. It also regulates the transactions and relations for business organizations. Similarly, it defines the responsibility of the business concerns to know … Read more