40. Exam Papers for Business Law and Ethics in BBA (With Answers)
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Business Law and Ethics
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Business Law And Ethics
1. Business Law
2. Ethics
3. BBA (Bachelor of Business Administration)
4. Exam Papers
5. Sample Papers
6. Model Papers
7. Study Materials
8. Solved Papers
9. Past Exams
10. Practice Tests
11. Answer Keys
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Exam Papers for Business Law and Ethics in BBA (With Answers)
,PAPER # 1
**Instructions:**
- This exam consists of two sections: Business Law and Ethics.
- Answer all the questions.
- Write your answers clearly and concisely.
- Provide relevant explanations where necessary.
- Be sure to follow the word limit for each question.
---
**Section A: Business Law**
**Question 1:** (10 marks)
Define the term "Contract" in the context of business law and briefly explain the
essential elements required for a contract to be legally enforceable.
**Answer 1:**
A contract is a legally binding agreement between two or more parties that creates
rights and obligations. The essential elements for a contract to be legally enforceable
are:
1. **Offer and Acceptance:** One party must make an offer, and the other party must
accept it, resulting in mutual assent.
2. **Intention to Create Legal Relations:** Both parties must intend for the contract to
have legal consequences.
3. **Lawful Object:** The purpose of the contract must be lawful and not involve any
illegal activities.
4. **Consideration:** There must be something of value exchanged between the parties.
5. **Capacity:** The parties entering the contract must have the legal capacity to do so.
6. **Certainty and Possibility of Performance:** The terms of the contract must be clear,
and it must be possible to perform them.
2
,7. **Free Consent:** Consent should not be obtained through coercion, undue
influence, fraud, or misrepresentation.
---
**Question 2:** (15 marks)
Explain the concept of "Tort" in business law. Provide examples of different types of
torts and their implications in the business context.
**Answer 2:**
A tort is a civil wrong that involves a breach of a duty owed to someone else, resulting in
harm or injury. In the business context, various types of torts can occur, including:
1. **Negligence:** Negligence is the failure to exercise reasonable care, leading to
harm. For example, if a business fails to maintain its premises, and a customer slips
and gets injured, it can lead to a negligence claim.
2. **Defamation:** Defamation includes both slander (spoken defamatory statements)
and libel (written defamatory statements). If a business spreads false information about
a competitor, it may lead to a defamation lawsuit.
3. **Fraud:** Fraud involves intentional misrepresentation or concealment of material
facts to induce another party to rely on the information to their detriment. A business
engaging in fraudulent activities can be held liable.
4. **Product Liability:** When a product sold by a business is defective and causes
harm to consumers, the business may be held liable for product liability.
5. **Strict Liability:** Strict liability applies when a business is held responsible for
certain activities, such as the storage and transportation of hazardous materials,
regardless of fault.
3
, Torts can result in financial damages and, in some cases, criminal liability, affecting a
business's reputation and financial standing.
---
**Section B: Business Ethics**
**Question 3:** (10 marks)
Define the term "Ethics" in the context of business. Explain why ethics are important in
the business world.
**Answer 3:**
Ethics in business refers to the principles, values, and moral standards that guide
decision-making and behavior within a business organization. Ethics are crucial in the
business world for several reasons:
1. **Reputation and Trust:** Ethical behavior helps build and maintain a positive
reputation, which, in turn, fosters trust among customers, employees, and stakeholders.
2. **Legal Compliance:** Ethical conduct ensures that a business complies with laws
and regulations, reducing the risk of legal troubles and penalties.
3. **Employee Morale and Productivity:** When employees perceive their workplace as
ethical, they tend to be more motivated, engaged, and productive.
4. **Customer Loyalty:** Ethical practices can lead to increased customer loyalty and
repeat business.
5. **Stakeholder Satisfaction:** Ethical behavior satisfies the needs and expectations of
various stakeholders, including investors and communities.
---
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