Description : In general all of the following are requirement for a bailment; except that the: a) Bailor must be in possession of goods b) Bailee must intent to possess goods c) Bailee must return identical goods d) Actual ownership of goods is necessary
Last Answer : d) Actual ownership of goods is necessary
Description : A bailment allows an owner of a personal property to transfer possession of it to another individual for any one of the following purpose; except: a) Sale b) Transportation c) Storage d) Lease
Last Answer : d) Lease
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 : Any one in possession of goods can create bailment relationship and becomes: a) Bailee b) Bailor c) Executor d) Administrator
Last Answer : b) Bailor
Description : The goods are the risk of a party who has the a) ownership of goods b)possession of goods c) custody of goods d)both (b) and (c)
Last Answer : a) ownership of goods
Description : The property in the goods means the a) possession of goods b)custody of goods c) ownership of goods d)both(a) and (b)
Last Answer : c) ownership of goods
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 : Which of the following is not an example of bailment a) A coat check b) Valet parking c) Dry cleaning d) A gift you give someone for their birthday
Last Answer : d) A gift you give someone for their birthday
Description : Which of the following is not a type of bailment a) Gratuitous b) deposit c) Sale d) Loan for use
Last Answer : c) Sale
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 : No consideration passes between the bailor and bailee a) Non gratuitous bailment b) Gratuitous bailment c) Special bailment d) Conditional bailment
Last Answer : b) Gratuitous bailment
Description : What is the subject matter of bailment a) Movable goods b) Immovable goods c) Perishable goods d) All of the above
Last Answer : a) Movable goods
Description : The person whom delivered the goods for bailment process is called a) Bailee b) Bailor c) Pawnor d) Pawnee
Last Answer : a) Bailee
Description : The term bailment is derived from a French word “bailor”, which means: a) Depends b) Deliver c) Selling d) Buying
Last Answer : b) Deliver
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 bailment is for a specific period, it terminates on expiry of that period a) On the achievement of the subject b) On the expiry of the period c) Gratuitous bailment d) Destruction of the subject matter
Last Answer : b) On the expiry of the period
Description : A bailment in which only the person who borrows and article gets the benefits is known as: a) Bailment for the sole benefits of the bailee b) Bailment for the sole benefits of the bailor c) Mutual benefit bailment d) Constructive bailment
Last Answer : a) Bailment for the sole benefits of the bailee
Description : A bailment for the sole benefit of a bailer usually results in ------------ a) Borrowing /lending transactions b) Spring transaction c) Declarative transaction d) Autonomous transaction
Last Answer : a) Borrowing /lending transactions
Description : The law concerning bailment provides for certain rights and duties of both bailor and bailee, depending on the: a) Amount of transaction b) Nature of business c) Kind of bailment d) Competency in the market
Last Answer : c) Kind of bailment
Description : An agreement reached between a bailer and a bailee is a) Mortgage b) Bailout c) Bailment d) Codicil
Last Answer : c) Bailment
Description : A transaction in which an owner of a tangible personal property transfers the property such property is known as: a) Bailment b) Pledge c) Hypothecation d) Lease
Last Answer : a) Bailment
Description : Bailment is a special kind of contract that is widely used in business and in: a) Personal affairs b) Cultural activities c) Academic research d) Charitable institution
Last Answer : a) Personal affairs
Description : Which is not the case of termination of bailment (a) Where the bailee wrongfully uses or dispose of the goods bailed. (b) When the period of bailment expires (c) When the object of bailment has been achieved (d) None of the above
Last Answer : (d) None of the above
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 a hire purchase agreement the hirer a) must buy the goods b)must return the goods c) has an option to buy the goods d)not given the possession of goods
Last Answer : c) has an option to buy the goods
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 who finds the goods belonging to others and takes them into his possession is called a) Finder of goods b) Bailor c) Pledgor d) Pawnee
Last Answer : c) Pledgor
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 : In case on sale of approval the ownership is transferred to the buyer when he a) adopts the transactions b)accept the goods c) fail to return goods d)in all the above cases
Last Answer : c) fail to return goods
Description : “No one can transfer rights which he himself does not have” that principle carried in a) companies act 2013 b)industrial act c) “nemodat quod non habet” d)none of the above
Last Answer : c) “nemodat quod non habet”
Description : The transfer of goods from a bailor to a must actually take place Landlord Bailee Lease Tenant
Last Answer : Bailee
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
Description : _______ is a guarantee given for the good conduct or honesty of a person employed in a particular office. a) Fidelity guarantee b) Continuing Guarantee c) Retrospective guarantee d) specific guarantee
Last Answer : a) Fidelity guarantee
Description : A continuing guarantee may at any time be revoked by the surety as to future transactions by giving a ____ to the creditor. a) By notice b) By Oral c) By death of surety ` d) none of these
Last Answer : a) By notice
Description : When a guarantee extends to a single transactions or debt it is called a) Retrospective guarantee b) Specific Guarantee c) Prospective guarantee d) Fidelity guarantee
Last Answer : b) Specific Guarantee
Description : The person whose loss is to be made good is called the a) Indemnifier b) Principal Debtor c) Indemnity holder d) none of these
Last Answer : b) Principal Debtor
Description : The person who promises to make good the loss is called the ___ a) Indemnified b) None of these c) Indemnifier d) Indemnifier holder
Last Answer : c) Indemnifier
Description : A contract by which one party promises to save the other from loses caused to him by the conduct of the promise himself or by the conduct of any other person is called a ________ a) Contract of indemnity b) Contract of guarantee c) Quasi contract d) none of these
Last Answer : a) Contract of indemnity
Description : On sellers wrongful refusal to deliver the unascertained goods to the buyer, the buyer can file a suit for recovery of a)goods b)damages c)both (a) and (b) d)none of these
Last Answer : d)none of these
Description : A bidder at an auction sale can withdraw his bid a) before fall on hammer b)any time during auction c) before payment of price d)none of these
Last Answer : a) before fall on hammer
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
Last Answer : 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 : where in an auction sale, the seller appoints more than one bidder, the sale is a) illegal b)void c)conditional d)voidable
Last Answer : d)voidable
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 : In Case of unconditional contract of sale, the property passes to the buyer at the time of making the contract. for this to apply, the goods must be a) specific b)in a deliverable state c) physically transferred to buyer d)both(a) and (b)
Last Answer : a) specific