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Pergunta 1 Relatório
Detalhes da Resposta
In the context of business-related law, let's examine each of the given areas to identify the one that is generally **not directly linked** to business:
From this analysis, it is clear that the concept of **possession**, although important in its own right, is generally **not as directly related to business** as the other areas mentioned, which are closely involved in business operations and transactions.
Pergunta 2 Relatório
A dealer who buys securities at low prices in anticipation of reselling them at higher prices is called a
Detalhes da Resposta
A dealer who buys securities at low prices in anticipation of reselling them at higher prices is called a bull.
Here's a simple explanation:
Let's contrast this with the other terms mentioned:
Pergunta 3 Relatório
One of the following does NOT fit into the group.
Detalhes da Resposta
In order to determine which of the options does not fit into the group, we should first classify each of them based on their primary nature or sector.
Agriculture involves the cultivation of land and breeding of plants and animals to provide food, fiber, and other products used to sustain and enhance life. It primarily falls under the category of primary industry that deals with the extraction and harnessing of natural resources directly from nature.
Fishing also involves extracting biological resources directly from nature, specifically aquatic life from water bodies. Like agriculture, it is categorized under primary industry and focuses on the direct procurement of resources provided by nature.
Mining is the extraction of minerals or other geological materials from the Earth, and it is considered a part of primary industry as well. It involves the direct extraction of non-renewable resources from nature.
Carpentry, on the other hand, is a skilled trade in which the primary work performed is the cutting, shaping, and installation of building materials during the construction of buildings, ships, timber bridges, etc. Carpentry is considered a part of the secondary industry, which involves manufacturing and processing of raw materials into finished goods or products.
Therefore, Carpentry does not fit into the group because, unlike agriculture, fishing, and mining, it is not a primary industry activity. It belongs to the secondary industry, which focuses on the transformation of raw materials into finished products.
Pergunta 4 Relatório
A public limited liability company is owned by
Detalhes da Resposta
A Public Limited Liability Company is owned by shareholders. These are individuals or entities that own shares in the company. Each share represents a portion of ownership, so the more shares an individual or entity owns, the more ownership they have in the company. Shareholders have the right to vote on important company matters, including the election of the board of directors and major company policies.
It is important to note that although the shares of a public limited liability company are available for purchase by the general public on the stock exchange, the term "general public" refers to potential or current investors and does not mean that the general public owns the company. Ownership is exclusively linked to those who buy shares, making them shareholders.
Neither the government nor debenture holders own the company. The government may regulate the company but does not hold ownership unless it has explicitly purchased shares. Debenture holders are lenders to the company, holding debt instruments rather than equity, so they do not have ownership rights. Their relationship with the company is typically based on the repayment of debt with interest, rather than ownership.
Pergunta 5 Relatório
Transfer of ownership of goods sold under Hire Purchase System takes place when
Detalhes da Resposta
Under the Hire Purchase System, the transfer of ownership of goods occurs when the buyer completes all the terms of the agreement. Specifically, this means that the ownership is transferred only when the final instalment is paid. Until the final payment is made, the ownership of the goods remains with the seller or the finance company facilitating the hire purchase. This arrangement allows the buyer to use the goods while making payments in instalments, but the buyer does not become the legal owner until they fulfill the entire payment commitment. Therefore, **the final payment is crucial** for the change of ownership, ensuring that all obligations under the agreement are satisfied.
Pergunta 6 Relatório
Departmental store, supermarket and chain store are examples of
Detalhes da Resposta
Departmental stores, supermarkets, and chain stores are examples of large scale retailers. This is because they operate on a much larger scale compared to typical small shops. Here’s why each of these falls under this category:
In summary, all these stores are structured to cater to a vast number of customers with extensive offerings, significant inventory, and often require substantial investment and infrastructure, which are defining traits of large scale retailers.
Pergunta 7 Relatório
The term "consumer sovereignty" means that the consumer is a
Detalhes da Resposta
The term "consumer sovereignty" indicates that the consumer is considered a king in the market. This concept emphasizes the power and freedom consumers have to influence the goods and services that are produced in a market economy. Essentially, businesses strive to fulfill the desires and needs of consumers because their satisfaction and demand determine what should be produced. In this role, the consumer wields the power to make decisions based on preferences, effectively guiding the market dynamics. Companies that understand their consumers well and meet their needs are more likely to succeed.
Pergunta 8 Relatório
A multiple shop has many stores which sell
Detalhes da Resposta
A multiple shop, also known as a chain store, is a type of retail business that consists of several locations all managed under the same brand or company. The primary characteristic of a multiple shop is that all the stores offer similar goods. Each store in the chain typically carries the same range of products, regardless of its location. This uniformity assures customers that they will find the same items in each store of the chain, leading to a consistent shopping experience.
For example, if a chain store specializes in clothing, all its branches will sell the same clothing lines, maintaining consistency in style, quality, and price. This is true for other types of goods such as electronics, groceries, and more.
Therefore, among the options given, it is most accurate to say that a multiple shop sells similar goods. This means that whether you visit a store in the chain in one city or another, you can expect to find the same types of products.
Pergunta 9 Relatório
Which of these is NOT a governments legislation to protect the consumer?
Detalhes da Resposta
The correct option that is NOT a government legislation to protect the consumer is Privatization and Commercialization.
Let me explain this in a simple way:
However:
Therefore, while the first three directly aim to protect consumers, Privatization and Commercialization are more about economic management and do not serve as consumer protection legislation.
Pergunta 10 Relatório
An allowance made to a customer for prompt payment is known as
Detalhes da Resposta
An allowance given to a customer for making prompt payment is called a cash discount. This is a reduction in the amount due to encourage the customer to pay within a shorter period. Essentially, it serves as an incentive for early payment, improving the cash flow for the seller and rewarding the buyer for settling their debts quickly.
Pergunta 11 Relatório
A tax paid on goods manufactured and consumed in your country is called
Detalhes da Resposta
The type of tax that is paid on goods that are manufactured and consumed within a country is called excise duty.
Excise duty is essentially a tax on the manufacturers of certain goods and products within the country. It is typically levied on goods that are considered either luxurious or harmful if over-consumed, such as cigarettes, alcohol, or fuel. The government imposes this tax to either limit the consumption of these goods, to increase government revenue, or both.
This tax is different from custom duty or income tax. Custom duty is charged on goods that are imported into a country, whereas income tax is charged on individuals' or entities' earnings.
Pergunta 12 Relatório
A wholesaler who acts as an agent on behalf of the owner of the goods in buying or selling for a commission proportionate to the value of the transaction is called a
Detalhes da Resposta
In the context of trade and commerce, a wholesaler who acts on behalf of the owner of goods in buying or selling, and receives a commission based on the value of the transaction, is typically referred to as a factor.
Here's why:
A factor is a type of agent who is enthusiastically involved in the buying and selling process of goods. This role often involves taking possession of the merchandise, managing the sales, and sometimes providing advance payment to the owner. For these efforts, the factor earns a commission proportionate to the transaction value.
Factors differ from some other types of agents in that they often have more responsibilities, including the power to sell goods in their own name, collect proceeds from buyers, and handle various logistical aspects of the sale.
In contrast:
- A commissioned agent might not necessarily take possession of the goods or manage the detailed logistical aspects of sales.
- A del-credere agent provides a guarantee to the principal that the buyer will perform as agreed, essentially assuming responsibility for any buyer defaults, but this does not inherently describe their primary role in the wholesale process.
- A speculator doesn't fulfill an agency role for the owner of goods but rather buys goods directly to sell at a profit, often taking on significant risk in the hope of financial gain.
Therefore, in the scenario you provided, the term most accurately describing the wholesaler's role as an agent working for a commission based on the transaction value is a factor.
Pergunta 13 Relatório
Stock exchange quoted the shares of ABC Plc at #0.75K for #1.25K per share. This means the shares were sold at a
Detalhes da Resposta
When shares are quoted on a stock exchange, it signifies the price at which the stock is available for purchase. The problem provides two prices regarding the shares of ABC Plc:
In this scenario, since the selling price (#1.25K) is higher than the par value (#0.75K), the shares were sold at a premium. Therefore, the stocks of ABC Plc were sold for more than their face value, which indicates that investors were willing to pay more than the nominal value for those shares, typically due to the company's perceived potential or existing market demand.
Pergunta 14 Relatório
Tariff can be defined as a compulsory levy on
Detalhes da Resposta
A tariff is a compulsory levy imposed by a government on imported goods only. This means that when products are brought into a country from abroad, a tax or duty is charged by the government on these goods. Tariffs are typically used to protect domestic industries from foreign competition by making imported goods more expensive, encouraging consumers to buy locally produced items. They can also be a source of revenue for the government. By increasing the cost of imports, tariffs influence the prices and choices available to consumers, often making domestic goods more appealing. In summary, tariffs are specifically associated with imports, not exports, foreign exchange earnings, or foreigners working in a particular country.
Pergunta 15 Relatório
The rights of the consumers does NOT include
Detalhes da Resposta
In discussing the rights of consumers, it's important to recognize that these rights are intended to ensure fair treatment, safety, and access to necessary information. Let's look closely at the options provided to determine which one does not align with consumer rights:
The right to fix prices: However, this is not a consumer right. **Consumers do not have the right to set or fix the prices of goods and services.** ^Pricing is usually determined by companies, influenced by factors like production costs, market demand, and competition.^ While consumers can compare prices and make choices based on their budget and preferences, the **determination of prices is not within their rights**.
In summary, **the correct answer is that consumers do not have the right to fix prices**. This responsibility lies with businesses and is regulated to prevent practices like price fixing, which can harm consumer interests.
Pergunta 16 Relatório
The aid to trade which enables producer and consumer to transact business without physical contact is known as
Detalhes da Resposta
The aid to trade that enables a producer and consumer to transact business without physical contact is known as communication.
To understand why, consider the following: Communication is a process that involves the exchange of messages, ideas, and information. With modern technology, such as telephones, emails, and the internet, communication allows people from various locations to interact and conduct business seamlessly. This eliminates the necessity for face-to-face meetings.
For example, a consumer can order a product online and communicate with the seller via chat or email. Similarly, a producer can advertise a product to a global audience through digital platforms without any need for physical presence. These exchanges are facilitated primarily by effective communication.
Pergunta 17 Relatório
Which of the following warehouse is generally found near a port?
Detalhes da Resposta
Warehouses that are generally found near a port are known as bonded warehouses.
Bonded warehouses are storage facilities where imported goods are stored until the customs duties are paid.
Key reasons for their location near a port include:
Therefore, locating these warehouses near ports helps streamline international trade processes and enhances logistics efficiency.
Pergunta 18 Relatório
Which of the following CANNOT be sold through a vending machine?
Detalhes da Resposta
When considering what items can be sold through vending machines, **the main factor to consider** is whether the item can fit within the confines of the machine and be dispensed in a simple manner without needing additional services. Let's analyze the options:
In conclusion, considering the typical size and function of a regular vending machine, **shoes cannot be sold** effectively through standard vending machines, while snacks, tickets, and tea can be dispensed without significant issues.
Pergunta 19 Relatório
Which of the following services is NOT rendered by NITEL?
Detalhes da Resposta
The service that is NOT rendered by NITEL is Recorded Delivery.
Explanation:
NITEL, which stands for Nigerian Telecommunications Limited, was mainly involved in providing telecommunications services in Nigeria. Its core services included:
On the other hand, Recorded Delivery is a service typically offered by postal services, not telecommunication companies. It involves sending mail with proof of mailing and, sometimes, delivery confirmation. This ensures that mailed items are tracked and delivered securely.
Pergunta 20 Relatório
The deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of
Detalhes da Resposta
The scenario you described is an example of a general average loss. This term is used in maritime law and insurance. It refers to a situation where part of the cargo or equipment is deliberately sacrificed or damaged to save the rest of the ship and its cargo from imminent danger. In this case, the throwing of some goods into the sea is done to prevent the ship from sinking, which benefits all parties involved. As a result, the losses are shared proportionally among all stakeholders, such as the shipowner and cargo owners. This shared approach to dealing with loss is known as a general average loss.
Pergunta 21 Relatório
Detalhes da Resposta
In an organization, welfare services are those that aim to improve the well-being and satisfaction of employees, providing them with a supportive and healthy working environment. Welfare services often include amenities or benefits that contribute directly to employees' health, happiness, and overall work-life balance.
Let's examine each option:
Considering the above definitions, training is NOT typically regarded as a welfare service in an organization. Unlike the other options, which focus on employee well-being, training emphasizes enhancing performance and skill sets to benefit organizational goals.
Pergunta 22 Relatório
A holding company is one which holds shares in another company up to
Detalhes da Resposta
A holding company is a corporation that owns enough voting shares in another business to control its management and policies. Control is typically established by owning the majority of the voting stock. In most cases, owning over 50% of the voting shares is considered having sufficient control. Thus, a holding company generally holds shares up to 51% or more in another company to exercise control. To further clarify:
Therefore, a holding company usually holds shares up to and typically beyond 51% in another company to ensure they can steer the business according to their interests and policies.
Pergunta 23 Relatório
Banks issue cheque books to customers holding ___________ accounts.
Detalhes da Resposta
Banks issue cheque books to customers holding current accounts.
Let me explain why:
A current account is designed for regular transactions. It is ideal for individuals or businesses that need frequent access to their funds. This account allows for multiple daily transactions such as deposits, withdrawals, and transfers.
One primary feature of a current account is the ability to issue cheques. A cheque is a written order to a bank to pay a certain amount of money from one’s account to another person or entity.
Unlike a current account, foreign accounts, deposit accounts, and fixed deposit accounts serve different purposes:
Therefore, banks provide cheque books specifically for current accounts to facilitate regular transactions.
Pergunta 24 Relatório
The first Nigerian enterprises promotion decree was promulgated in
Detalhes da Resposta
The Nigerian Enterprises Promotion Decree of 1973, also known as the Indigenization Decree, was a significant policy implemented by the Nigerian government aimed at promoting indigenous participation and ownership in the country's economy. The decree outlined provisions for the transfer of ownership and control of certain businesses from foreign owners to Nigerian citizens.
Pergunta 25 Relatório
Which of the following is NOT part of the marketing mix?
Detalhes da Resposta
The marketing mix is commonly referred to as the "4 Ps", which are key elements involved in executing a marketing strategy effectively. These elements are:
Unlike the "4 Ps," personnel is not traditionally considered a part of the marketing mix. While having skilled and well-trained staff is crucial for customer service and operations, it is not one of the main components in the traditional marketing mix. Thus, among the options provided, personnel is NOT part of the marketing mix.
Pergunta 26 Relatório
The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as
Detalhes da Resposta
The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as "jobbers turn."
Here's a simple explanation:
In the stock exchange, there are individuals known as jobbers who buy and sell stocks. They do not deal directly with the public but with brokers. Jobbers make a profit from the difference between the price at which they are willing to buy a stock (the lower price) and the price at which they are willing to sell it (the higher price). This difference is referred to as the "jobbers turn."
It's important to note that the jobbers turn is essentially the profit margin for the jobber, earned from trading activities. This is not to be confused with terms like commission or brokerage, which refer to fees charged by brokers for facilitating trades. Interest, on the other hand, is the cost of borrowing money, not related to the pricing of shares and stocks.
Pergunta 27 Relatório
Prospectus in relation to a public limited inability company means
Detalhes da Resposta
In the context of a public limited company, a prospectus refers to a formal document that is issued by the company to provide essential information to potential investors. It serves as an invitation to the public to buy shares in the company.
The main purpose of the prospectus is to help potential investors make informed decisions about whether or not to invest in the company's shares. It typically contains details such as:
The prospectus is a crucial document because it ensures transparency and allows investors to assess the potential risks and rewards involved in purchasing shares from the company.
Pergunta 28 Relatório
The body charged with the responsibility monitoring the quality of goods supplied is the
Detalhes da Resposta
The body responsible for monitoring the quality of goods supplied is the Nigerian Standards Organization. This organization, also known as the Standards Organization of Nigeria (SON), is charged with setting and ensuring compliance with product quality standards for goods in the country. Their primary role is to develop and implement standards that help safeguard both consumers and the environment by ensuring that products are safe, reliable, and of good quality.
The SON conducts inspections, tests, and other evaluative measures on products to ascertain their quality. Additionally, they educate manufacturers and stakeholders about necessary standards and oversee adherence to these standards in production and distribution processes. Through these activities, the organization aims to protect consumers from harm, fraudulent practices, and low-quality products, while also enhancing the competitiveness of Nigerian goods both locally and internationally.
Pergunta 29 Relatório
An agent held responsible for non-payment of goods bought by the customer he introduced to his principal is called agent
Detalhes da Resposta
The agent responsible for non-payment of goods bought by the customer he introduced to his principal is called a del-credere agent.
This type of agent provides an additional guarantee or assurance to their principal that customers introduced by them will pay for the goods purchased. If the customer fails to pay, the del-credere agent is liable and must cover the payment to the principal. This arrangement reduces the risk for the principal regarding customer payments.
Here's a simple breakdown:
Pergunta 30 Relatório
An instruction to an agent abroad restricting him to buy from a named manufacturer is known as
Detalhes da Resposta
The instruction given to an agent abroad restricting him to buy from a specific or named manufacturer is known as a closed indent.
Let me explain it in a straightforward way:
1. **Indent:** This is a purchase order sent by a buyer to an agent or supplier to buy goods on their behalf. It contains details about the product, quantity, and specifications.
2. **Closed Indent:** This type of indent indicates that the buyer has decided to purchase products from a particular, specified manufacturer or supplier. The agent must comply with this restriction while procuring the goods. The buyer has already made a choice, and the agent is simply carrying out their instructions.
In contrast, an **open indent** allows the agent to choose the manufacturer or supplier from whom to buy the goods, as long as the buyer’s requirements are met. So, the key difference is the level of freedom or restriction given to the agent in selecting the supplier.
Pergunta 31 Relatório
The activities concerned with changing of raw materials into finished products belong to __occupation.
Detalhes da Resposta
The activities involved in transforming raw materials into finished products are related to the manufacturing occupation.
This occupation plays a crucial role in the production process as it focuses on converting raw materials, which could be natural resources or partially processed items, into complete, ready-to-use products.
For instance, consider the process of making a wooden table. Manufacturing involves taking raw wood, cutting, shaping, sanding, assembling, and finally finishing it into a table that is ready for consumers to use.
Manufacturing can take place in various industrial settings, such as factories or plants, where machinery and labor transform inputs into outputs on a large scale.
This is distinct from other types of occupations like:
In summary, manufacturing is the occupation responsible for changing raw materials into finished products, utilizing both technical skills and industrial processes.
Pergunta 32 Relatório
The service rendered by NIPOST in which letters are addressed to any post office to await collection by the addressee is known as
Detalhes da Resposta
The Free post service allows individuals to send letters or parcels to any post office without the need to pay for postage upfront. The addressee can then collect the item from the designated post office upon presentation of proper identification.
Pergunta 33 Relatório
Detalhes da Resposta
An agreement that is enforceable in law is called a contract.
Here's why:
1. A contract is a legal agreement between two or more parties. Each party agrees to do or not to do something in exchange for some benefit, typically referred to as consideration. In simpler terms, it's a promise or set of promises that the law will enforce.
2. For an agreement to be considered a contract, it generally must contain the following elements:
3. Unlike a decree or a declaration which are generally formal statements or orders typically issued by a government or authority, or an offer which is a proposal but not yet binding, a contract actively binds the parties involved and can be enforced by law. If one party fails to fulfill their stipulated duties, the other can seek legal remedies.
Pergunta 34 Relatório
The document which gives complete information about the goods sold is the
Detalhes da Resposta
The document that provides complete information about the goods sold is the invoice.
An invoice is a detailed statement provided by the seller to the buyer containing important information regarding the sale of goods. Here’s why it is deemed so comprehensive:
In contrast, the order form is a document generated by the buyer to request goods but doesn't contain the details of the actual sale. A delivery note accompanies goods to confirm delivery but lacks pricing and terms. Lastly, a bill of exchange is a financial document used for payment agreements, not for detailing goods sold.
Therefore, the invoice is the key document providing complete information about the goods sold.
Pergunta 35 Relatório
Which of the following advertising media preselects its readership through the nature of its content?
Detalhes da Resposta
The advertising medium that preselects its readership through the nature of its content is the magazine.
Magazines are designed to cater to specific interests and demographics, meaning they often attract readers who are interested in particular topics or subjects. For instance, there are magazines on hobbies like photography, fashion, technology, sports, and many more. Because they focus on specific themes, they naturally draw in an audience that is interested in those areas. Advertisers can use magazines to reach a target audience that aligns with their product or message.
In contrast, other media such as billboards, handbills, and newspapers are generally more broad and do not specifically tailor their content to a particular interest group. For example, newspapers cover a wide range of topics like news, sports, and entertainment, reaching a more general audience. Billboards and handbills aim to capture anyone who happens to see them.
Pergunta 36 Relatório
A typical example of an event covered by an Assurance Policy is
Detalhes da Resposta
An event that is typically covered by an Assurance Policy is death.
Assurance policies are often referred to as life assurance or life insurance. The primary purpose of these policies is to provide a financial safety net for beneficiaries in the event of the policyholder's death.
Life assurance is considered a form of long-term coverage that guarantees a payout when the insured person passes away, as long as the premiums have been paid consistently. This type of policy is different from insurance policies that cover specific events, like accidents or burglary, which are often provided as short-term risk coverages.
Therefore, **death** is the typical event covered by an assurance policy because the primary intent of such policies is to ensure that financial obligations can be met and dependents are taken care of after the policyholder's death.
Pergunta 37 Relatório
All the following are principles of insurance EXCEPT
Detalhes da Resposta
In insurance, there are several fundamental principles that ensure the contractual agreement between the insurer and the insured is fair and effective. Among these principles, three are well-known:
Insurable Interest: This principle states that the insured must have a financial stake in the object or life insured. The policyholder should suffer a financial loss if the insured event occurs. This ensures that insurance is not a mere gambling proposition.
Utmost Good Faith (Uberrimae Fidei): Both parties involved in an insurance contract are required to disclose all relevant information truthfully. The insured must reveal all material facts, and the insurer should provide honest terms and conditions.
Subrogation: After compensating the insured for a loss, the insurer may step into the shoes of the insured to seek recovery from a third party responsible for the loss. This principle prevents the insured from profiting more than once for the same loss.
On the other hand, the term "Particular Average" is not one of the fundamental principles of insurance. Instead, it is a maritime insurance term used to describe partial loss or damage to a ship or its cargo that is not shared by all parties but borne only by the individual whose cargo was damaged. Therefore, among the options provided, "particular average" is the exception as it is not a principle of insurance.
Pergunta 38 Relatório
Shares are said to be sold at a discount when they are sold
Detalhes da Resposta
Shares are said to be sold at a discount when they are sold below par value. In finance, the par value of a share is its nominal or face value as stated on the certificate or in the company's financial statements. The par value is typically set when the company is formed and does not usually change.
Selling shares below this par value means that the company is offering them at a lower price than their nominal value. This can occur as a strategy to attract investors when market conditions are tough, or if the company needs to raise capital quickly.
For example: If the par value of a share is $10 and it is sold for $8, it is being sold at a discount of $2 from its par value.
It's important to note that selling shares below par can have implications for a company's perceived financial health and can affect investor confidence. Therefore, companies may do this strategically and with consideration of market reactions.
Pergunta 39 Relatório
The main objective of nationalization of industries is to
Detalhes da Resposta
Nationalization of industries is primarily aimed at bringing an industry under state ownership and control. This means that the government takes ownership of certain industries or sectors, rather than leaving them in private or foreign hands.
There are several reasons a government might choose to nationalize an industry:
1. Ensure National Control: Nationalization is used to ensure that important industries, such as natural resources or critical infrastructure, remain under national control and are protected from foreign influence or exploitation.
2. Social Welfare: The state can prioritize social welfare over profit by ensuring that essential goods and services (like electricity, water, and healthcare) are accessible and affordable to all citizens.
3. Economic Stability: By owning and controlling key industries, the government can directly influence economic activities, stabilize markets, and support strategic economic goals. This can include preventing firms from liquidation in cases where those firms are crucial for national economic stability.
4. Redistribution of Wealth: Nationalization can be a tool for redistributing wealth, particularly if industries are previously owned by a small, wealthy segment of the population or foreign entities.
5. Promote Employment: The government may aim to maintain or increase employment opportunities in crucial industries by keeping them operational and under state management.
Overall, while making profits for the government can be a benefit of nationalization, the primary objective is often that of exercising control over key industries for the aforementioned strategic and social reasons.
Pergunta 40 Relatório
The rules and regulations guiding the conduct of business transactions are known as law
Detalhes da Resposta
In the context of **business transactions**, the rules and regulations that govern them are primarily known as **commercial law**. This is because **commercial law deals specifically with the legal aspects of business and trade**, and it includes a variety of laws that regulate how businesses operate, how they interact with other businesses, and how consumers are protected in these transactions.
Other laws mentioned, such as:
Therefore, when discussing the guidelines and frameworks for business transactions specifically, **commercial law** is the umbrella under which these rules and regulations fall.
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