CMA Foundation: Business Law - Meaning of Indemnity, Guarantee, Pledge, Agent 0 Created on December 14, 2023 By admin CMA Foundation Chapter 2 Unit 7 Meaning of Indemnity, Guarantee, Pledge, Agent Quiz 1 1 / 25 When goods are lent to a person to be used by him on free of cost. That is ……….. contract. comodatum pawn hire gift 2 / 25 Lien means ……….. to retain goods in his possession rights to sell the goods right to purchase the goods right to destroy the goods 3 / 25 In the contract of bailment the person delivering the goods is called ……… bailor bailee seller agent 4 / 25 Bailment means ……….. temporary delivery of goods permanent delivery of goods part delivery of goods None 5 / 25 The Bailment of goods as security for payment of a debt or performance of a promise is called: Pledge Bailment Contingent contract Agreement 6 / 25 In pledge, bailor is called Pawnor Pawnee Both (a) and (b) None of above 7 / 25 In pledge contract, bailee is called Pawnor Pawnee Pledger None of above 8 / 25 The delivery of goods by one person to another for some purpose upon a contract that they shall when the purpose is accomplished be returned or otherwise dispose of upon discretion of the delivering person the contract is called Indemnity Bailment Contingent Contract None of above 9 / 25 The term “Bailment” means A delivery of a thing entrusted for some special purpose or object upon a contract Delivery of goods free of cost Delivery of goods without cost for welfare of public None of above 10 / 25 An agreement reached between a bailer and a bailee is Mortgage Bailout Bailment Codicil 11 / 25 The pledge is a contract of ……….. bailment agency guarantee mortgage 12 / 25 The bailment of goods as security for performance of a promise is called pledge bailment mortgage None of these 13 / 25 The bailment of goods as security for payment of a debt is called ……… pledge bailment mortgage none of these 14 / 25 A finder of goods is subject to the same responsibility as that of a …….. bailee bailor surety purchaser 15 / 25 The finder of goods has right of ……… lien purchase succession none 16 / 25 The bailor is bound to disclose to the bailee ………. faults the goods price of goods weight of goods owner of goods 17 / 25 Commodatum is a one type of Bailment in which ……….. no consideration is charged consideration is charged reimburse severance of expenses is include behind the assets none of these 18 / 25 When in transaction of Bailment comes to an end, the duty of transfer the goods lies upon whom ? Bailee Bailor Bailment Person 19 / 25 The person to whom goods are delivered temporally is ……… baliee bailor purchaser user 20 / 25 In general all of the following are requirement for a bailment; except that the: Bailor must be in possession of goods Bailee must intent to possess goods Bailee must return identical goods Actual ownership of goods is necessary 21 / 25 A person who finds the goods belonging to others and takes them into his possession is called Bailee Bailor Pledgor Pawnee 22 / 25 Which are the rights of finder of goods Rights of lien Right to sue for reward Right to sale All of the above 23 / 25 The bailment of goods as security for payment of a debt or performance of a promise Pledge Lien Agency Bailment 24 / 25 Pledgee is also known as Pawnee Pawnor Principal Agent 25 / 25 Pledgor is also known as Pawnor Pawnee Bailor Agent Your score isThe average score is 0% LinkedIn Facebook VKontakte 0% Restart quiz 0 Created on December 14, 2023 By admin CMA Foundation Chapter 2 Unit 7 Meaning of Indemnity, Guarantee, Pledge, Agent Quiz 2 1 / 24 The term bailment is derived from a French word “bailor”, which means: Depends Deliver Selling Buying 2 / 24 The person in respect of whose default, the guarantee is given is called ……… principal debtor principal creditor principal surety principal bailee 3 / 24 The person who delivered the goods for bailment process is called Bailee Bailor Pawnor Pawnee 4 / 24 The person delivering the goods for achieving some purpose and returned the same after completion is called Bailee Pledgee Bailor Agent 5 / 24 On whose default, the promise of discharge of liability is given in contract of guarantee ? Principal debtor Subsidiary debtor Principal guarantor All above 6 / 24 Whose consent is necessary in the contract of guarantee ? Surety Creditor Debtor All the above 7 / 24 Who is protected under the contract of guarantee ? guarantor creditor third person debtor 8 / 24 In contract of indemnity must be for ……….. five parties agreement without consideration implied consideration lawful consideration and object 9 / 24 Liability of surety is ……….. secondary liability preliminary liability subsidiary liability co-related liability 10 / 24 The contract of Guarantee should be ……….. Implied only written only oral written or oral 11 / 24 The person to whom the guarantee is given is called ……….. creditor debtor surety third party 12 / 24 Which type of guarantee is given for series of transaction ? general guarantee implied guarantee continuous guarantee general and continuous guarantee 13 / 24 The guarantee of single transaction is ……….. general guarantee continuous guarantee implied guarantee none of these 14 / 24 In contract of indemnity how many parties are required ? 4 6 7 2 15 / 24 On payment or performance of the liability, the surety: is invested with all the rights the creditor had against the principal debtor is entitled to every security which the creditor has against the principal debtor is entitled to be indemnified by the principal debtor all the above. 16 / 24 In case of co-sureties, release of one surety by the creditor: amounts to discharge of other sureties does not amount to discharge of other sureties amounts to discharge of the surety so released vis-a-vis co-sureties as well none of the above. 17 / 24 In a contract of guarantee: there are two parties and one contract there are two parties and two contracts there are three parties & three contracts there are three parties & one contract. 18 / 24 Under a contract of guarantee: if principal debtor is not liable, guarantor is not liable if principal debtor is not liable, guarantor is liable if principal debtor is liable, guarantor is liable all the above. 19 / 24 Surety stands discharged: by an agreement between the creditor and the principal debtor by an agreement between the creditor & a third party for not to sue the principal debtor both (a) & (b) above neither (a) nor (b). 20 / 24 Under the contract of guarantee, a creditor: has to avail his remedies first against the principal debtor can avail his remedies against the principal debtor as well as the surety can avail his remedy against the surety alone both (b) & (c). 21 / 24 The surety stands discharged: by revocation by death by variance in terms of the contract without his consent in (a), (b) & (c) above. 22 / 24 A continuing guarantee applies to: a specific transaction a specific number of transactions all transactions of specific transaction series reasonable number of transactions. 23 / 24 The contract of guarantee is for protection of ……….. creditor debtor guarantor none of these 24 / 24 How many parties are there in contract of guarantee ? One At will Three Two Your score isThe average score is 0% LinkedIn Facebook VKontakte 0% Restart quiz
