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  1. Definition of law is a rule of conduct developed by government or society over a certain territory. Law follows certain practices and customs in order to deal with crime, business, social relationships, property, finance, etc. The Law is controlled and enforced by the controlling authority.

  2. Definition of the Financial System: According to Prasanna Chandra: the financial system consisting of a variety of institution, markets, and the instruments which are related in a systematic manner and provide the principal means by which savings are transformed into instruments.

  3. Dec 05, 2019 · NOTE: Quo warranto meaning – a writ or legal action which shows on what warrant the particular person is held. Click here for a format of a writ petition in Supreme Court. If your fundamental rights are violated, then you can file a writ. Generally, one shall file a writ petition against any of state and government agencies.

  4. A limited liability partnership is a legal body, liable for the full extent of its assets. The liability of the partners, however, is limited. It, therefore, can show elements of partnerships and companies. In an LLP, each partner is not responsible or liable for another partner's misbehavior or negligence.

  5. In India, all the aspects and functions of the partnership are administered under ‘The Indian Partnership Act 1932’. This specific law explains that partnership is an association between two or more individuals or parties who have accepted to share the profits generated from the business under the supervision of all the members or behalf of ...

  6. LLP stands for Limited Liability Partnership. It is an alternative corporate business form that provides the benefits of limited liability of a company along with the flexibility of a partnership. An LLP is a legal entity and is liable to the full extent of its assets but the liability of a partner is limited to their contribution in the LLP.

  7. Definition: An inferior good is a type of good whose demand declines when income rises. In other words, demand of inferior goods is inversely related to the income of the consumer. Description: For example, there are two commodities in the economy -- wheat flour and jowar flour -- and consumers are ...

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