The contract which creates the relationship of an agent and principal a. Agency b. Bailment c. Pledge d. Offer

The contract which creates the relationship of an agent and principal
a. Agency
b. Bailment
c. Pledge
d. Offer
by

1 Answer

Answer :

a. Agency
by

Related questions

The bailment of goods as security for payment of a debt or performance of a promise a) Pledge b) Lien c) Agency d) 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

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. c. An agency relationship may be created through necessity d. An agency relationship may be created through estoppel.

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.

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.

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.

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

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

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

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

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

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

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 acting as an agent. c. When the principal is not in existence. d. Where the third party knows there is a principal but doesn’t know his name.

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

Who has the primary responsibility in agency? a. Principal b. Agent c. Bailor d. Bailee

Description : Who has the primary responsibility in agency? a. Principal b. Agent c. Bailor d. Bailee

Last Answer : a. Principal

A person employed to do any act for another person is called. a. Agent b. Principal c. Agency d. Bailor

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

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

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

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

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

Contract of sale may be a) agency relationship b)sale or agreement c)indemnity d)guarantee.

Description : Contract of sale may be a) agency relationship b)sale or agreement c)indemnity d)guarantee.

Last Answer : b)sale or agreement

Any one in possession of goods can create bailment relationship and becomes: a) Bailee b) Bailor c) Executor d) Administrator

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

A Contract creates.............. (a) Rights in personam (b) Rights in rem (c) Only rights and no obligations (d) Only Obligations and no rights.

Description : A Contract creates.............. (a) Rights in personam (b) Rights in rem (c) Only rights and no obligations (d) Only Obligations and no rights.

Last Answer : (a) Rights in personam

A contract creates (a) rights and obligations of the parties to it. (b) obligations of the parties to it. (c) mutual understanding between the parties to it. (d) mutual lawful rights and obligations of the parties to it.

Description : A contract creates (a) rights and obligations of the parties to it. (b) obligations of the parties to it. (c) mutual understanding between the parties to it. (d) mutual lawful rights and obligations of the parties to it.

Last Answer : (b) obligations of the parties to it.

Law relating to agency is contained in ……. Chapter of the Indian Contract Act. a. Chapter IX b. Chapter X c. Chapter XI d. Chapter XII

Description : Law relating to agency is contained in ……. Chapter of the Indian Contract Act. a. Chapter IX b. Chapter X c. Chapter XI d. Chapter XII

Last Answer : b. Chapter X

Where both the name and existence of the principal are not disclosed in the contract. Such principal is called a. Undisclosed principal b. Unnamed principal c. Named principal d. Prohibited principal

Description : Where both the name and existence of the principal are not disclosed in the contract. Such principal is called a. Undisclosed principal b. Unnamed principal c. Named principal d. Prohibited principal

Last Answer : a. Undisclosed principal

In case of contract of guarantee, what is the liability of the surety against the principal debtor (a) Primary (b) Secondary (c) No liability (d) Fully liable

Description : In case of contract of guarantee, what is the liability of the surety against the principal debtor (a) Primary (b) Secondary (c) No liability (d) Fully liable

Last Answer : (b) Secondary

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.

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.

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.

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.

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 to act d. When the principal represents to a third party that an agent has the authority to act when in fact he doesn’t

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

An agent whose authority to bind his principal is almost unlimited. a. General agent b. Universal agent c. Auctioneer d. Factor

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

Pledgee is also known as a) Pawnee b) Pawnor c) Principal d) Agent

Description : Pledgee is also known as a) Pawnee b) Pawnor c) Principal d) Agent

Last Answer : a) Pawnee

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

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

Which of the following is not a type of bailment a) Gratuitous b) deposit c) Sale d) Loan for use

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

Choose the incorrect; Rights of bailee: a) Rights of implied b) Bailor’s lien c) Termination of bailment d) Enforcement of duties of bailor

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

No consideration passes between the bailor and bailee a) Non gratuitous bailment b) Gratuitous bailment c) Special bailment d) Conditional 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

What is the subject matter of bailment a) Movable goods b) Immovable goods c) Perishable goods d) All of the above

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

The person whom delivered the goods for bailment process is called a) Bailee b) Bailor c) Pawnor d) Pawnee

Description : The person whom delivered the goods for bailment process is called a) Bailee b) Bailor c) Pawnor d) Pawnee

Last Answer : a) Bailee

What is the essence of the bailment a) Transfer of ownership b) Transfer of possession c) A and B d) None of these

Description : What is the essence of the bailment a) Transfer of ownership b) Transfer of possession c) A and B d) None of these

Last Answer : b) Transfer of possession

The term bailment is derived from a French word “bailor”, which means: a) Depends b) Deliver c) Selling d) Buying

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

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

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

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

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

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

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

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

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

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

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

An agreement reached between a bailer and a bailee is a) Mortgage b) Bailout c) Bailment d) Codicil

Description : An agreement reached between a bailer and a bailee is a) Mortgage b) Bailout c) Bailment d) Codicil

Last Answer : c) Bailment

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

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

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

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

An agency relationship which is made retrospectively is known as an agency by: a. Estoppel b. Ratification c. Necessity d. Commerce

Description : An agency relationship which is made retrospectively is known as an agency by: a. Estoppel b. Ratification c. Necessity d. Commerce

Last Answer : b. Ratification

Pledge is made for purpose a) Any purpose b) Special purpose c) Common purpose d) None of the above

Description : Pledge is made for purpose a) Any purpose b) Special purpose c) Common purpose d) None of the above

Last Answer : b) Special purpose

The term” Proposal or offer” has been defined in - of the Indian contract Act. (a) Section 2(a) (b) Section 2(b) (c) Section 2(c) (d) Section 2(d)

Description : The term” Proposal or offer” has been defined in - of the Indian contract Act. (a) Section 2(a) (b) Section 2(b) (c) Section 2(c) (d) Section 2(d)

Last Answer : (a) Section 2(a)

Which one of the following will constitute a valid acceptance? (a) An enquiry as to fitness of the subject matter of contract. (b) A provisional acceptance (c) Addition of a superfluous term, while accepting an offer. (d) A conditional acceptance.

Description : Which one of the following will constitute a valid acceptance? (a) An enquiry as to fitness of the subject matter of contract. (b) A provisional acceptance (c) Addition of a superfluous term, while accepting an offer. (d) A conditional acceptance.

Last Answer : (a) An enquiry as to fitness of the subject matter of contract.

Which one of the following has the correct sequence? (a) Offer, acceptance, consideration, offer. (b) Offer, acceptance , consideration, contract (c) Contract, acceptance, consideration, offer. (d) Offer, consideration, acceptance, contract.

Description : Which one of the following has the correct sequence? (a) Offer, acceptance, consideration, offer. (b) Offer, acceptance , consideration, contract (c) Contract, acceptance, consideration, offer. (d) Offer, consideration, acceptance, contract.

Last Answer : (b) Offer, acceptance , consideration, contract

For binding contract both the parties to the contract must: (a) Agree with each other. (b) Put the offer and counter offers. (c) Stipulate their individual offer (d) Agree upon the same thing in the same sense.

Description : For binding contract both the parties to the contract must: (a) Agree with each other. (b) Put the offer and counter offers. (c) Stipulate their individual offer (d) Agree upon the same thing in the same sense.

Last Answer : (d) Agree upon the same thing in the same sense.

An Agreement is ................... (a) Offer (b) Offer+ Acceptance (c) Offer + Acceptance + Consideration (d) Contract

Description : An Agreement is ................... (a) Offer (b) Offer+ Acceptance (c) Offer + Acceptance + Consideration (d) Contract

Last Answer : (b) Offer+ Acceptance

As per section 2(e) of the Indian Contract Act, “Every Promise and every set of promise forming the consideration for each other is a/an (a) Contract (b) Agreement (c) Offer (d) Acceptance

Description : As per section 2(e) of the Indian Contract Act, “Every Promise and every set of promise forming the consideration for each other is a/an (a) Contract (b) Agreement (c) Offer (d) Acceptance

Last Answer : (b) Agreement

Every agreement and promise enforceable by law is ……………. (a) Offer (b) Contract (c) Acceptance (d) Consideration

Description : Every agreement and promise enforceable by law is ……………. (a) Offer (b) Contract (c) Acceptance (d) Consideration

Last Answer : (b) Contract

All Contract is a/an …………….. (a) Offer (b) Agreement (c) Acceptance (d) Transaction

Description : All Contract is a/an …………….. (a) Offer (b) Agreement (c) Acceptance (d) Transaction

Last Answer : (b) Agreement

Every promise and every set of promise forming the consideration for each other is a/an (a) contract. (b) agreement. (c) offer. (d) acceptance.

Description : Every promise and every set of promise forming the consideration for each other is a/an (a) contract. (b) agreement. (c) offer. (d) acceptance.

Last Answer : (b) agreement.