Very Short Question Answer 1. When a consent is treated as free? A consent is treated as free in the following situations: If the consent has been given knowingly and freely. If the consent is not caused by coercion, undue-influence, misrepresentation, fraud or mistake. 2. When an agreement is enforceable by law? When an agreement […]
Chapter 3: Contract of Agency
Very Short Question Answer 1. State any two essentials of agency. A contract between two parties amounts a contract of agency if it fulfills the following at essentials: Universal declaration of the principal to be bound by the act of his agent. Intention of the agent to act on behalf of the principal 2. Who […]
Chapter 1: Introduction to Law and Business Law
Very Short Question Answer 1. State any two nature of law. Law consists of a rule. Law is backed by sanction/ punishment. 2. Give any two differences between substantive law and procedural law. The differences between substantive law and procedural law can be stated as follows: Substantive Law Procedural Law It creates and defines the […]
Chapter 4: Contract of Sales of Goods
Very Short Question Answer 1. What is meant by goods? The term goods refers all the movable properties other than the land and attached to the land. Therefore, growing crops is not goods but when harvested it amounts a goods. A living tree is not goods but it is severed from the land amounts to […]
Chapter 15: Strategic Control and Evaluation
Very Short Question Answer 1. What is premise control ? Premise control is designed to check methodically and constantly whether the premises on which a strategy is grounded on are still valid. If it is discovered that an important premise is no longer valid, the strategy may have to be changed. 2. What is special […]
Chapter 14: Strategy Implementation
Very Short Question Answer 1. What do you mean by strategy implementation? Strategy implementation is the process by which strategies and policies are to put into action through the development of programs, budgets and procedures. This is the most important component of strategic management. 2. What is simple structure? The simple structure has a very […]
Chapter 13: Strategy Formulation and Strategic Choice
Very Short Question Answer 1. What do you mean by suitability of strategic alternatives? Suitability emphasizes the strategic fit with the environmental factors. It assesses how the identified strategic alternative would sustain or improve the competitive position of the organization. It can be referred as consistency test. 2. What do you mean by feasibility of […]
Chapter 12: Strategic Options
Very Short Questions Answer 1. What do you mean by corporate strategy? Corporate strategy is the master strategy for an organization. It follows the vision and mission of an organization. A corporate strategy involves selecting and managing a group of different businesses which are competing in different product markets to gain competitive advantage. 2. Enlist […]
Chapter 11: Evaluating Company Resources And Competitive Capabilities
Very Short Questions Answer 1. What is threshold resource? Threshold resources are those capabilities needed for an organization to meet the necessary requirement to compete in a given market. These are the fundamental resources. Without these resources, an organization cannot run smoothly. 2. Define competitive advantage. Competitive advantage may be defined as the advantage over […]