The person whose loss is to be made good is called the a) Indemnifier b) Principal Debtor c) Indemnity holder d) none of these

The person whose loss is to be made good is called the
a) Indemnifier
b) Principal Debtor
c) Indemnity holder
d) none of these
by

1 Answer

Answer :

b) Principal Debtor
by

Related questions

The person to whom the guarantee is given is called a) Indemnifier b) Principal debtor c) Indemnified d) Creditor

Description : The person to whom the guarantee is given is called a) Indemnifier b) Principal debtor c) Indemnified d) Creditor

Last Answer : d) Creditor

The person who promises to make good the loss is called the ___ a) Indemnified b) None of these c) Indemnifier d) Indemnifier holder

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

In contract of indemnity, what is the liability of indemnifier against the indemnified (a) Primary (b) Secondary (c) No liability (d) Both (a) & (b)

Description : In contract of indemnity, what is the liability of indemnifier against the indemnified (a) Primary (b) Secondary (c) No liability (d) Both (a) & (b)

Last Answer : (a) Primary

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.

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

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

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

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

Under the Indian Contract Act, the contract of indemnity is restricted to such cases (a) Where the loss promise to be reimbursed is caused by the conduct of the promisor or any other person (b) The loss caused by the any events or accident which does not depend upon conduct of any person (c) Both (a) & (b) (d) None

Description : Under the Indian Contract Act, the contract of indemnity is restricted to such cases (a) Where the loss promise to be reimbursed is caused by the conduct of the promisor or any other person (b) The loss caused ... accident which does not depend upon conduct of any person (c) Both (a) & (b) (d) None

Last Answer : (b) The loss caused by the any events or accident which does not depend upon conduct of any person

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

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

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

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

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

What is the ratio of parties in contract of indemnity and contract of guarantee (a) 2 : 3 (b) 3 : 2 (c) 1 : 3 (d) 2 : 1

Description : What is the ratio of parties in contract of indemnity and contract of guarantee (a) 2 : 3 (b) 3 : 2 (c) 1 : 3 (d) 2 : 1

Last Answer : (a) 2 : 3

In case of Contract of guarantee, if the creditor loses or parts with any security which the debtor provides him at time of contract, the surety is discharged to the extent of (a) The value of the security (b) The surety can be fully discharged (c) The surety can claim damages (d) All of the above

Description : In case of Contract of guarantee, if the creditor loses or parts with any security which the debtor provides him at time of contract, the surety is discharged to the extent of (a) The value of the security (b) The surety can be fully discharged (c) The surety can claim damages (d) All of the above

Last Answer : (a) The value of the security

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

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

The person making the proposal is called ............. (a) Promisor (b) Promisee (c) Participator (d) Principal

Description : The person making the proposal is called ............. (a) Promisor (b) Promisee (c) Participator (d) Principal

Last Answer : (a) Promisor

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

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

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.

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.

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

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

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

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

Last Answer : a. Agency

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

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

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

Communication of proposal is complete when it comes to the knowledge of ........... (a) The person to whom it is made (b) The proposer (c) Either (a) or (b) (d) The Court.

Description : Communication of proposal is complete when it comes to the knowledge of ........... (a) The person to whom it is made (b) The proposer (c) Either (a) or (b) (d) The Court.

Last Answer : (a) The person to whom it is made

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

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

The communication of a proposal is complete when it comes to (a) The knowledge of that person (b) The object of the offer (c) The intention with which offer is made (d) The facts underlying the offer

Description : The communication of a proposal is complete when it comes to (a) The knowledge of that person (b) The object of the offer (c) The intention with which offer is made (d) The facts underlying the offer

Last Answer : (a) The knowledge of that person

Communication of offer is complete when (a) The letter is posted to the offeree (b) The letter is received by the offeree (c) The offer is accepted by the person to whom it is made (d) It comes to the knowledge of the offeror that the letter has been received by the offeree

Description : Communication of offer is complete when (a) The letter is posted to the offeree (b) The letter is received by the offeree (c) The offer is accepted by the person to whom it is made (d) It comes to the knowledge of the offeror that the letter has been received by the offeree

Last Answer : (b) The letter is received by the offeree

Which of the following is false? An offer to be Valid must (a) Contain a term the non- compliance of which would amount to acceptance. (b) Intend to create legal relations. (c) Have certain and unambiguous terms. (d) Be communicated to the person to whom it is made.

Description : Which of the following is false? An offer to be Valid must (a) Contain a term the non- compliance of which would amount to acceptance. (b) Intend to create legal relations. (c) Have certain and unambiguous terms. (d) Be communicated to the person to whom it is made.

Last Answer : (a) Contain a term the non- compliance of which would amount to acceptance.

The person who gives the guarantee is called a) A surety b) Guarantee c) Competent 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

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

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

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

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

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

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

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

A person making a proposal is called .............. (a) Promisor (b) Vendor (c) Contractor (d) Promise

Description : A person making a proposal is called .............. (a) Promisor (b) Vendor (c) Contractor (d) Promise

Last Answer : (a) Promisor

_______ 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

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

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 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 order of court restraining a person from doing a particular act, it’s a case of (a) Specific performance (b) Injuction (c) Both (a) & (b) (d) None of the above

Description : A order of court restraining a person from doing a particular act, it’s a case of (a) Specific performance (b) Injuction (c) Both (a) & (b) (d) None of the above

Last Answer : (b) Injuction

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)

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)

An offer made by words spoken or written is called: (a) Implied offer (b) Express offer (c) Formal agreement (d) Informal agreement

Description : An offer made by words spoken or written is called: (a) Implied offer (b) Express offer (c) Formal agreement (d) Informal agreement

Last Answer : (b) Express offer

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

Offeror is ............ (a) Party to whom offer is made (b) Third party (c) Party making an offer (d) None of the above

Description : Offeror is ............ (a) Party to whom offer is made (b) Third party (c) Party making an offer (d) None of the above

Last Answer : (c) Party making an offer

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

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

Which one of the following statement about a valid acceptance of an offer is incorrect? (a) Acceptance should be absolute and unqualified. (b) Acceptance should be in the prescribed manner (c) Acceptance should be communicated (d) Acceptance should be made while the offer is subsisting

Description : Which one of the following statement about a valid acceptance of an offer is incorrect? (a) Acceptance should be absolute and unqualified. (b) Acceptance should be in the prescribed manner (c) Acceptance should be communicated (d) Acceptance should be made while the offer is subsisting

Last Answer : (d) Acceptance should be made while the offer is subsisting

……………… is made by words written. (a) Express contract (b) Implied contract (c) Tacit contract (d) Unlawful contract

Description : ……………… is made by words written. (a) Express contract (b) Implied contract (c) Tacit contract (d) Unlawful contract

Last Answer : (a) Express contract

Valid contracts (a) are made by free consent. (b) are made by competent parties. (c) have lawful consideration and lawful object. (d) all of the above.

Description : Valid contracts (a) are made by free consent. (b) are made by competent parties. (c) have lawful consideration and lawful object. (d) all of the above.

Last Answer : (d) all of the above.