Description : Which of the following is not a right of the principal? a. Right to recover damage b. Right to demand account and to claim secret profit made. c. Right to remuneration d. To resist agent’s claim for indemnity.
Last Answer : c. Right to remuneration
Description : Which of the following is not a duty of principal? a. To pay remuneration to agent b. To indemnify the agent against the consequences of all lawful acts. c. Right to be indemnified against consequences of acts done in good faith d. Duty to pay money received.
Last Answer : d. Duty to pay money received.
Description : where by exercising the right of stoppage in transit the unpaid seller regains the possession of goods, then a) unpaid seller lien revives b)contract of sale in terminated c) unpaid seller lien does not revive d)sellers possession in unlawful
Last Answer : c) unpaid seller lien does not revive
Description : In which of the following cases, the unpaid seller loses his right of lien? a) delivery of goods to buyer b)delivery of goods to carrier c) tender of price by buyer d) all of these
Last Answer : c) tender of price by buyer
Description : The unpaid seller can exercise his right of lien over the goods for a) any lawfull charges b)price of goods c) storage charges d)all of these
Last Answer : d)all of these
Description : Right of a person to retain possession of some goods belonging to another until some debts of the person in possession is satisfied a) Pledge b) Bailment c) Lien d) Guarantee
Last Answer : c) Lien
Description : Which are the rights of finder of goods a) Rights of lien b) Right to sue for reward c) Right to sale d) All of the above
Last Answer : d) All of the above
Description : Which one of the following is not a duty of an agent? a. Duty to exercise care and skill b. Duty to take a commission c. Duty to account d. Duty to avoid conflict of interest
Last Answer : b. Duty to take a commission
Description : Which of the following is not a situation of irrecoverable agency a. Where the agency is coupled with interest. b. Where the agency has incurred a personal liability. c. Where the agent has partly exercised his duty. d. Where the agent doesn’t exercised his duty.
Last Answer : d. Where the agent doesn’t exercised his duty.
Description : Which of following is a contract? (a) A engages B for a certain work and promises to pay such remuneration as shall be fixed. B does the work. (b) A and B promise to marry each Other. (c) A takes a Seat in a public vehicle (d) A invites B to a card party. B accepts the invitation.
Last Answer : (a) A engages B for a certain work and promises to pay such remuneration as shall be fixed. B does the work.
Description : Choose the incorrect; Rights of bailee: a) Rights of implied b) Bailor’s lien c) Termination of bailment d) Enforcement of duties of bailor
Last Answer : c) Termination of bailment
Description : The bailment of goods as security for payment of a debt or performance of a promise a) Pledge b) Lien c) Agency d) Bailment
Last Answer : a) Pledge
Description : A lien which is available only against that property of which the skill and labour have been exercised (a) General Lien (b) Particular Lien (c) Ordinary Lien (d) Both (a) & (b)
Last Answer : (b) Particular Lien
Description : Over a cup of coffee in a restaurant, X Invites Y to dinner at his house on a Sunday. Y hires a taxi and reaches X's house at the appointed time , but x fails to perform his promise. Can Y recover any ... as the intention was not to create legal relation. (c) Either (a) or (b) (d) None of these.
Last Answer : (b) No, as the intention was not to create legal relation.
Description : A …….. duty is to bring together the buyer and seller and make the sale happen. a. Broker’s b. Factor’s c. Commission agent’s d. Del credere agent’s
Last Answer : a. Broker’s
Description : A person finds certain goods belonging to some other persons. In such a case, the finder (a) Becomes the owner of that good (b) Is under a duty to trace the real owner (c) Can sell that good if true owner is not found (d) Both (b) & (c)
Last Answer : (d) Both (b) & (c)
Description : Which of the following is not a termination of agency by acts of the parties. a. Agreement b. Revocation by principal c. Insolvency d. Revocation by agent
Last Answer : c. Insolvency
Description : Substitute agent is also called a. Co-agent b. Sub agent c. Junior agent d. Duplicate agent
Last Answer : a. Co-agent
Description : Which of the following is not a non-mercantile agent. a. Attorneys b. Insurance agent c. Factor d. Solicitors
Last Answer : c. Factor
Description : Which of the following is not a type of commercial agents? a. Banker b. Special agent c. Broker d. Commission agent
Last Answer : b. Special agent
Description : A ……… is a mercantile agent entrusted with the possession of goods for the purpose of selling them. a. Commercial agent b. Factor c. Broker d. Commission agent
Last Answer : b. Factor
Description : A person employed by, and acting under the control of the original agent is called……. a. Substitute agent b. Co-agent c. Sub agent d. Universal agent
Last Answer : c. Sub agent
Description : ……. Agent acts the role of both a guarantor and an agent a. Factor b. Del credere agent c. Special agent d. General agent
Last Answer : b. Del credere agent
Description : …… is an agent who is appointed to sell goods at a public auction for reward. a. Commission agent b. Broker c. Auctioneer d. Factor
Last Answer : c. Auctioneer
Description : Which one of the following statement is incorrect? a. An agent create a loyal relationship between a third party and principal. b. All agents are entitled to be paid for their services ... agency relationship may be created through necessity d. An agency relationship may be created through estoppel.
Last Answer : b. All agents are entitled to be paid for their services.
Description : Which of the following statement is incorrect? a. An agency may be terminated by death of either party. b. An agency may be terminated by express agreement. c. An agency agreement can always be terminated by a principal. d. Mental incapability of an agent will terminate the agency relationship.
Last Answer : c. An agency agreement can always be terminated by a principal.
Description : What is undisclosed agency? a. When a third party is not informed of the exercise of the principal and believes the agent is acting on his own behalf. b. When the agent indicates through conduct he is ... in existence. d. Where the third party knows there is a principal but doesn't know his name.
Last Answer : a. When a third party is not informed of the exercise of the principal and believes the agent is acting on his own behalf
Description : When does apparent authority of an agent arise? a. When the acts with the usual authority of the job b. When the principal gives the agent implied authority to act c. When the agent has actual authority ... represents to a third party that an agent has the authority to act when in fact he doesn't
Last Answer : d. When the principal represents to a third party that an agent has the authority to act when in fact he doesn’t
Description : An agent whose authority to bind his principal is almost unlimited. a. General agent b. Universal agent c. Auctioneer d. Factor
Last Answer : b. Universal agent
Description : An agent who has authority to do all acts connected with a particular trade, business or employment. a. Commission agent b. General agent c. Del credere agent d. Broker
Last Answer : b. General agent
Description : An agent who is appointed to perform a particular act. a. General agent b. Universal agent c. Special agent d. Commercial agent
Last Answer : c. Special agent
Description : The contract which creates the relationship of an agent and principal a. Agency b. Bailment c. Pledge d. Offer
Last Answer : a. Agency
Description : Who has the primary responsibility in agency? a. Principal b. Agent c. Bailor d. Bailee
Last Answer : a. Principal
Description : A person employed to do any act for another person is called. a. Agent b. Principal c. Agency d. Bailor
Last Answer : a. Agent
Description : The person delivering the goods for achieving some purpose and returned the same after completion is called a) Bailee b) Pledgee c) Bailor d) Agent
Last Answer : c) Bailor
Description : Pledgor is also known as a) Pawnor b) Pawnee c) Bailor d) Agent
Last Answer : a) Pawnor
Description : Pledgee is also known as a) Pawnee b) Pawnor c) Principal d) Agent
Last Answer : a) Pawnee
Description : A mercantile agent employed to sell goods which have been placed in his possession or contract to buy goods for his principal (a) Factors (b) Brokers (c) Del Credere Agent (d) Auctioneers
Last Answer : (a) Factors
Description : where the seller has expressly reserved his right to bid in the auction to bid in his behalf ,the seller can appoint a) only one bidder b) two bidders c) any number of bidders d) none,seller has no such right
Last Answer : a) only one bidder
Description : The unpaid seller can exercise his right of stoppage of goods in transit where the buyer a)refuse to pay price b)acts fraudulently c)become insolvent d)all of these
Description : In case a condition is changed to the status of a warranty ,then the buyer a)loses the right to reject goods b)retains right claim damages only c)both (a) and (b) are true d)both (a) and (b) are false
Last Answer : c)both (a) and (b) are true
Description : A stipulation which is essential to the main purpose of the contract and if prove false give the buyer a right terminate the contract is legally known as a) guarantee b)condition c) warranty d)none of these
Last Answer : c) warranty
Description : What is the right of the bailee against the goods (a) Owner (b) Possessor (c) Bailee can sell those goods (d) Both (a) & (b)
Last Answer : (b) Possessor
Description : The special damages i.e. the damages which arises due to some special or unusual circumstances (a) Are not recoverable altogether (b) Are illegal being positive in nature (c) Cannot be claimed as a matter of right (d) Can be claimed as a matter of right
Last Answer : (c) Cannot be claimed as a matter of right
Description : A party entitled to rescind the contract, loses the remedy where (a) He has ratified the contract (b) Third party has acquired right in good faith (c) Contract is not separable (d) All of the above
Last Answer : (d) All of the above
Description : The person to whom the guarantee is given is called a) Indemnifier b) Principal debtor c) Indemnified d) Creditor
Last Answer : d) Creditor
Description : The person who gives the guarantee is called a) A surety b) Guarantee c) Competent d) creditor
Last Answer : a) A surety
Description : A ______ is a contract to person the promise or to discharge a liability of a third person in case of his default. a) Contract of indemnity b) contract of guarantee c) Implied contract d) express contract
Last Answer : b) contract of guarantee
Description : When a guarantee given for an existing debt or obligation it is known as a) Specific guarantee b) fidelity guarantee c) Retrospective guarantee d) continuing guarantee
Last Answer : a) Specific guarantee