UNIVERSITY OF PAPUA NEW GUINEASCHOOL OF LAWSEMESTER 2/2023COURSE NO: 5.30721COURSE NAME: BUSINESS LAWCREDIT POINTS: 3ASSESSABLE TUTORIALS1. Explain the following legal principles with regards to Contract. (2marks each = 6)a) Privity of Contractb) Contract of Indemnityc) Contract of Guarantee2. Explain the purposes of the following legislations by Parliament. (2 Marks Each = 6)a) Consumer Protection Actb) Industrial Disputes Actc) Factories Act3. Explain the legal nature of the following for an incorporated company. (2 Marks Each = 4)a) Income Tax Payable to the Stateb) Taking Property Insurance with an Insurance Broker.4. Explain the legal processes of winding up an incorporated company. (4 Marks)To be collected and marked by the Tutor.Due on Friday, 22 September.