BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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business firms
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both businesses and consumers
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consumers
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neither businesses nor consumers
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Detailed explanation-1: -These include the Payment of Wages Act of 1936, the Industrial Employment Act of 1946, the Industrial Disputes Act of 1947, the Payment of Bonus Act of 1965, and the 1972 Payment of Gratuity Act.
Detailed explanation-2: -With the knowledge of business laws and regulations, one can manage the business more efficiently by avoiding unnecessary legal issues. It would be easier to understand every type of business’s legal terms and conditions with this knowledge.
Detailed explanation-3: -Business law is defined as the body of legislation governing the rights, relationships, and behavior of businesses and individuals engaged in commerce, merchandising trade, and sales. It deals with both private and public law issues and is sometimes seen as a branch of civil law.