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Question 1

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The person whose loss is to be made good is called Indemnifier.
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True

False

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The correct answer is 'False'.

Question 2
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The liability of surety is primary.
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True

False

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The correct answer is 'False'.
Question 3
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The money consideration for a sale of goods is known as price.
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True

False

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The correct answer is 'True'.

Question 4
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Pledge is not on movable goods.
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True

False

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The correct answer is 'False'.
Question 5
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Universal agent is the person whose authority is limited.
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True

False

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The correct answer is 'False'.

Question 6
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Agent has a legal right to be indemnified for all acts done in good faith.
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True

False

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The correct answer is 'True'.
Question 7
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Release or discharge of principal debtor made the surety does not discharge from the
liability.
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True

False

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The correct answer is 'False'.

Question 8
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The goods which are not separately identified at the time of contract are called?
Select one:
a. Specific Goods

b. Unascertained goods

c. Future goods

d. Contingent goods
e. Perishing of goods

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The correct answer is: Unascertained goods

Question 9
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Surety is also called as guarantor.
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True

False

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The correct answer is 'True'.

Question 10
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Invalidation of contract of Guarantee made the surety discharge from the liability.
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True
False

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The correct answer is 'True'.

Question 11
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The bailor in this case is called the pledgee and the bailee is called the pledgor.
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True

False

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The correct answer is 'False'.

Question 12
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Under a contract one party is authorized to create a contract his principal and a third
party?
Select one:
a. Guarantor
b. Indemnifier

c. Agent

d. Buyer

e. Seller

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The correct answer is: Agent

Question 13
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Perishing of goods before sale but after agreement to sell makes the contract?
Select one:
a. Valid

b. Voidable

c. Void

d. Illegal

e. Unenforceable

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The correct answer is: Void

Question 14
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The person who gives only an advice to another cannot be called an agent.
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True

False

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The correct answer is 'True'.

Question 15
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A valid sale can take place without a price.
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True

False

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The correct answer is 'False'.

Question 16
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Ratification means the subsequent acceptance of an unauthorized act.
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True

False

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The correct answer is 'True'.

Question 17
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A contract of indemnity is for reimbursement of loss.
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True

False

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The correct answer is 'True'.

Question 18
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Surety will not be liable where the creditor has obtained guarantee by
misrepresentation.
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True

False

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The correct answer is 'True'.

Question 19
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Agency is a Three party relationship.
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True

False

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The correct answer is 'False'.

Question 20
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Subrogation means reimbursement of loss and compensation.
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True

False

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The correct answer is 'False'.

Question 21
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Delivery of goods means voluntary transfer of possession of goods from one person to
another.
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True

False

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The correct answer is 'True'.

Question 22
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The retailer buys the goods from wholesaler and sells them to the customers in large
quantity or in bulk.
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True

False

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The correct answer is 'False'.

Question 23
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A guarantee which covers a number of transactions over a period of time is called
continuing guarantee.
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True

False

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The correct answer is 'True'.
Question 24
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Wholesaler is a connecting link between manufacturer and retailer.
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True

False

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The correct answer is 'True'.

Question 25
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An agent is appointed to do some particular act?
Select one:
a. General Agent

b. Broker

c. Indenter

d. Universal agent
e. special agent

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The correct answer is: special agent

Question 26
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The person to whom the guarantee is given is called the creditor.
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True

False

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The correct answer is 'True'.

Question 27
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In contract of pledge there is always transfer of ownership.
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True
False

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The correct answer is 'False'.

Question 28
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The death of surety do not discharge him from the liability.
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True

False

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The correct answer is 'False'.

Question 29
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The person who promises to make good the loss is called the indemnifier.
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True
False

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The correct answer is 'True'.

Question 30
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Where possession is obtained under pistol point or theft there is no delivery.
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True

False

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The correct answer is 'True'.

Question 31
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Perishing of future and contingent goods make the contract void.
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True
False

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The correct answer is 'True'.

Question 32
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It is a two party relationship in which one party is authorized to act on behalf of and
under the control of the other party?
Select one:
a. Agreement to sell

b. Sale

c. Indemnity

d. Agency

e. Guarantee

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The correct answer is: Agency

Question 33
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Loss of goods by theft and where goods have been lawfully requisitioned by the
government is not actually perishing of goods.
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True

False

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The correct answer is 'False'.

Question 34
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The liability of indemnifier is secondary and dependent.
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True

False

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The correct answer is 'False'.

Question 35
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In contract of agency the agent can delegate his authority to another person at any
stage.
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True

False

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The correct answer is 'False'.

Question 36
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The contract to perform the promise or discharge of the liability of a third person in case
of his default?
Select one:
a. Indemnity

b. Guarantee

c. Agency

d. Sale

e. Agreement to sell

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The correct answer is: Guarantee

Question 37
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A contract by which one party promises to save the other from loss causes to him by the
conduct of Promisor himself or by the conduct of any other person?
Select one:
a. Guarantee

b. Agency

c. Indemnity

d. Sale

e. Agreement to sell

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The correct answer is: Indemnity

Question 38
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A contract of guarantee is made with the object of enabling a person to get a loan or
goods on credit or an employment.
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True
False

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The correct answer is 'True'.

Question 39
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The bailment of goods as security for payment of a debt or performance of a promise is
called Pledge.
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True

False

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The correct answer is 'True'.

Question 40
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Contracts of insurance are common example of indemnity.
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True

False

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The correct answer is 'True'.

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