The correct answer is: A. Act of Parliamentarians in Lok Sabha
The legal environment is the set of laws, regulations, and customs that govern business activity in a particular country or region. It includes both formal laws, such as statutes and regulations, and informal norms, such as ethical codes and business practices.
The Indian Contract Act, 1872, the Indian Partnership Act, 1932, and the Negotiable Instruments Act, 1881 are all examples of formal laws that are part of the legal environment in India. The Act of Parliamentarians in Lok Sabha, on the other hand, is not a law. It is a resolution passed by the Lok Sabha, which is the lower house of the Indian Parliament. Resolutions are not legally binding, and they do not have the same status as laws.
Therefore, the Act of Parliamentarians in Lok Sabha is not an element of the legal environment.