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 : 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
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 : The person to whom the guarantee is given is called a) Indemnifier b) Principal debtor c) Indemnified d) Creditor
Last Answer : d) Creditor
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 : 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 : 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 : _______ 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 : 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 : 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.
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 : 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 : 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 : Contract of sale may be a) agency relationship b)sale or agreement c)indemnity d)guarantee.
Last Answer : b)sale or agreement
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
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 : A gives B two suitcases to store for him while he is at a meeting. What is the correct relationship between A and B. a) A is the bailee and B is the bailor b) A is the bailor and B is the bailee c) A and B are both bailees d) A and B are both Bailor
Last Answer : b) A is the bailor and B is the bailee
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 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 : 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 whom delivered the goods for bailment process is called a) Bailee b) Bailor c) Pawnor d) Pawnee
Last Answer : a) Bailee
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 : 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 : The person making the proposal is called ............. (a) Promisor (b) Promisee (c) Participator (d) Principal
Last Answer : (a) Promisor
Description : A person making a proposal is called .............. (a) Promisor (b) Vendor (c) Contractor (d) Promise
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 : 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
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
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)
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
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 : 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
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
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.
Description : Representation of contract for the main purpose are called a) warranties b)conditions c) agreements d)members
Last Answer : b)conditions
Description : Substitute agent is also called a. Co-agent b. Sub agent c. Junior agent d. Duplicate agent
Last Answer : a. Co-agent
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 : Offer implied from conduct of parties or from circumstances of the case is called ........... (a) Implied offer (b) Express offer (c) General offer (d) Specific offer
Last Answer : (a) Implied offer
Description : When the contract is perfectly valid in its substance but cannot be enforced because of certain technical defects. This is called a/ an- (a) Unilateral Contract (b) Bilateral Contract (c) Unenforceable Contract (d) Void Contract
Last Answer : (c) Unenforceable Contract
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
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 : 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 : 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 : “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 : 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