Legal Environment of Business Multiple Choice Questions

In India, the business organization is not affected by the Formation and Insolvency Acts, but by the Insolvency and Bankruptcy Code of 2016. Which of the following laws does not affect commercial organizations? This translates to “let the buyer be careful.” This means that the responsibility for their choice is transferred to the buyer himself. Rules and regulations have been put in place to control the operation of businesses. These laws protect consumers and also preserve competition between businesses. Companies that do not comply with trade laws are subject to fines or penalties. Claim (A): Consumers must be legally protected from certain business practices and business methods. Requires an increase in business profits over a period of time Organize the following legal acts in India in chronological order from first to last. The fundamental objective of the legislative and amending authorities concerned is to develop laws that set safety standards in order to protect the basic needs of workers and ensure their well-being. These laws are flexible enough to create, not destroy, jobs and increase the overall well-being of workers. The main objectives of OSH legislation are: Allegation (A): The Reserve Bank of India is a key regulatory and administrative body for the implementation of FEMA regulations.

This law is considered “Magna Carta” in the field of consumer protection for the examination of unfair trade practices, “defects in goods” and “deficiencies in services” with respect to India. 2. Bills of exchange issued in Indian currency but payable in any foreign currency. Allows other perishable products to be financially exploited over a period of time, even if they are handled correctly throughout the supply chain. Under the Consumer Protection Act 1986, a complaint may be made to the District Consumer Disputes Redressal Forum if the value of the claim is greater than: 5. Child Labour (Prohibition and Regulation) Act 1986: The main purpose of the Child Labour (Prohibition and Regulation) Act 1986 is to address social concerns and to recruit children under the age of the age of 1986. 14 years old. to prohibit in certain professions and to regulate the working conditions of children in the liberal professions was prohibited. Intellectual property is a product of the human intellect, and the rights granted to it allow its owner to enjoy the fruits of this intellectual enterprise by creating a monopoly over it. Based on the geographical location of the country, there are three levels of consumer courts in the country.

They are:. In India, the intellectual property rights recognized by law are: even if the reason is correct, it does not justify the claim. Order an appeal for summary judgment without hearing the claim or force Mathias to arbitrate Refuse to hear the case on the grounds that self-help is the only recourse in such cases Maintain records that reflect “accurate and fair” financial activities The doctrine of the Caveat Emptor is an integral part of the Sale of Goods Act. Most consumer goods should be consumed or used in three years or less. Because of this basic property, consumer goods can be a variety of products. c) Determination of payment terms for capital account transactions – § 6 paragraph 2. Some chemicals, including those used to extinguish forest fires, lose potency and become less stable over time, so they also fall into the perishable category. Even ice used to maintain the freshness and usability of the goods during transport and display in store is considered perishable. The Consumer Protection Act 1986 provided for the establishment of consumer protection boards and other authorities to settle consumer disputes.

Consumer protection councils would be established at the national and state levels (section 6 of the Consumer Protection Act). The Consumer Protection Act of 1986 is one of the benevolent social laws designed to protect large numbers of consumers from exploitation. An admission of truth on matters unrelated to the process Reason (R): As a monetary authority and currency custodian, the Reserve Bank of India has the necessary expertise of FEMA administration. Hear the lawsuit, then order the parties to arbitrate Goods that do not disappear after a single act of consumption are perishable Products include meat, fruits, vegetables, spices, grains, tobacco products, flowers and plants, and pharmaceuticals, including over-the-counter drugs, dietary supplements and dietary aids. 3. Traveller`s cheques issued by institutions outside India but payable in Indian currency In July 2020, the Government of India established the Central Consumer Protection Authority under the Consumer Protection Act ___. They require special handling, storage techniques and equipment to prevent damage, deterioration and contamination. What are these consumer rights set out in the Consumer Protection Act 1986? The prevention of monopoly rights arising from intellectual property is not the objective of the Competition Act 2002.

The Competition Act 2002 was enacted by the Parliament of India and replaced the Monopolies and Restrictive Business Practices Act, 1969. Two of the main features of the Competition Act 2002 are the framework it provides for the establishment of the Competition Commission and the tools it provides to prevent anti-competitive practices and promote positive competition in the Indian market. Reason (A): Protection against market forces and caveat emptor are not enough, because a perfectly competitive market is an economist`s dream and consumer sovereignty is a myth. d) Regulate/prohibit/restrict the following by issuing regulations: Which of the following options is correct in the context of the two statements above? (D) The Child Labour (Prohibition and Regulation) Act deals with bribes paid through third parties and not directly to public officials. Prescribes compassionate treatment of others in all situations. The exchange rate refers to foreign currencies and includes:. Which of the following is NOT within the scope of the objectives of the Competition Act, 2002? Therefore, the correct answer is that the Consumer Protection Act was passed in 1986. Objectives of the Competition Act 2002: With regard to the economic development of the country, a law has been adopted providing for the establishment of a commission with the following objectives: 2.

The State Commission shall consist of a person who is or has been a judge of the Supreme Court. In what year was the Consumer Protection Act passed by the Houses of Parliament? e) Specify (by regulation) the period and manner in which foreign currency is to be obtained from the export of goods and services – Section 8.4. Payment of Gratuities Act, 1972: An Act which provides for a system of payment of tips to employees working in railways, ports, factories, oil fields, plantations, mines, shops or other installations, as well as for related or related matters. Thus, it is clear that the government has passed the Consumer Protection Act as a right to choice, education and safety. (b) The RBI cannot impose restrictions on current transactions. These can only be imposed by the central government in consultation with the RBI – Section 5. However, in some cases, prior approval from the RBI is required for day-to-day transactions, as provided for in the Foreign Exchange (Current Account) Management Regulations 2000. Which of the following sections of the Companies Act 2013 facilitates mergers, acquisitions and corporate restructurings? This includes washing, rinsing, sorting, storing, packaging, temperature control and daily or even hourly controls of shelf life quality. Interruptions in cold chain integrity can wipe out the gains of an entire season. Precise information on Dina`s preferred equipment. Separate the items in List I with the items in List II and choose the correct combination code: Which of the following is NOT correct under the Consumer Protection Act? 3.

National Commission for Consumer Disputes -. Promotes the accumulation of as much personal wealth as possible Which of the following measures regulates consumer disputes at the district level? “A consumer court cannot force a person who engages in misleading advertising to confess to dismissal” They can also be used until they disappear, such as deodorant, toothpaste or dish soap. Which of the following claims about the National Food Safety Act is false? The third type of non-durable goods is a product that is used and no longer needed, is intended for use, or wears out during normal use, such as socks, paper plates and light bulbs. 1. The District Forum consists of a social worker They are the objects of direct consumption because they directly satisfy human needs. Similarly, services of all kinds such as doctors, actors, lawyers, waiters, etc. are included in disposable products. 4. Bills of exchange issued by banks outside India and payable in foreign currency There are essentially three types of non-durable goods. They can literally be consumed, as with food and drink.

If a consumer claims compensation of Rs.89 lakh, the case will be wired under the Foreign Exchange Management Act (FEMA), which provides that the Reserve Bank of India (RBI) will play a key role in currency management.