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 : 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 : 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 : 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 : 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 : 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 : 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 : 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 : 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 : Pledgee is also known as a) Pawnee b) Pawnor c) Principal d) Agent
Last Answer : a) Pawnee
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 : 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 : ……. 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 : Which of the following is not a non-mercantile agent. a. Attorneys b. Insurance agent c. Factor d. Solicitors
Last Answer : c. Factor
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 : 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 : The person to whom the guarantee is given is called a) Indemnifier b) Principal debtor c) Indemnified d) Creditor
Last Answer : d) Creditor
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 : 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
Description : Which is not the case of discharge of surety (a) By notice of revocation (b) By death of surety (c) If creditor releases the principal debtor (d) None of the above
Last Answer : (d) None of the above
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
Description : The person making the proposal is called ............. (a) Promisor (b) Promisee (c) Participator (d) Principal
Last Answer : (a) Promisor
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 : 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 type of commercial agents? a. Banker b. Special agent c. Broker d. Commission agent
Last Answer : b. Special agent
Description : Which one of the following is not a duty of an agent? a. Right of retainer b. Right of lien c. Right to remuneration d. Right to recover damage
Last Answer : d. Right to recover damage
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 : 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 : 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 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
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 : Which one is not the duties of bailee (a) The bailee must take care of goods as of his goods. (b) The bailee cannot use bailor’s goods in an unauthorised manner. (c) The bailee should return the goods without demand on the expiry of the time period. (d) He can set up adverse title to the goods.
Last Answer : (d) He can set up adverse title to the goods.
Description : In both the cases, devolution of joint liabilities and devolution of joint rights, if a promisor dies, who will perform on behalf of him (a) Other promiser (b) His legal representation (c) Both (a) & (b) (d) None of the above
Last Answer : (c) Both (a) & (b)
Description : Which one of the following falls into the category of offer? (a) Newspaper advertisement regarding sale. (b) Display of goods by a shopkeeper in his window with prices marked on them (c) An advertisement for a concert. (d) Announcement of reward to the public.
Last Answer : (d) Announcement of reward to the public.
Description : A contract is made where: (a) A buys a book from a shop (b) X bids at a public auction. (c) X agrees with Y to discover a treasure by magic (d) Z agrees to attend the birthday party of his friend
Last Answer : (a) A buys a book from a shop
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 promises to deliver his watch to B and, in return, B Promise to pay a sum of ` 2,000. There is said to be a/ an (a) Agreement (b) Proposal (c) Acceptance (d) Offer
Last Answer : (a) Agreement
Description : …………….. is a one-sided contract in which only one party has to perform his promise or obligation. (a) Void contract (b) Illegal agreement (c) Unilateral contract (d) Bilateral contract
Last Answer : (c) Unilateral contract
Description : A makes a contract with B to beat his business competitor. This is an example of (a) valid contract. (b) illegal agreement. (c) voidable contract. (d) unenforceable contract.
Last Answer : (b) illegal agreement.
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 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