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 : …… 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 : 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 : 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 : 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 : Exemplary damages are not awarded in such case (a) Breach of promise to marry (b) Wrongful dishonour & customers cheque by banker (c) Breach of any business contract (d) None of the above
Last Answer : (c) Breach of any business contract
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 : ……. 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 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 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 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 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 : 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 : 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 : 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 : 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 : In Commercial and business agreements, the intention of the parties to create legal relationship is (a) Presumed to exist (b) To be specifically expressed in writing (c) Not relevant or all (d) Not applicable.
Last Answer : (a) Presumed to exist
Description : The Law of Contract is nothing but ............... (a) A Child of Commercial dealing (b) A Child of Religion (c) A Child of day to day Politics (d) A Child of Economics.
Last Answer : (a) A Child of Commercial dealing
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 : Pledge is made for purpose a) Any purpose b) Special purpose c) Common purpose d) None of the above
Last Answer : b) Special purpose
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 of the following statement is/are correct (a) Ordinary damages are recoverable (b) Special damages are recoverable only if parties know about them (c) Remote or indirect damages are not recoverable (d) All of these
Last Answer : (d) All of these
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 : An offer made to a (i) Specific person, or (ii) a group of persons is known as (a) Standing offer (b) Specific offer (c) Special offer (d) Separate offer
Last Answer : (b) Specific offer
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 : 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