Indemnity and Guarantee Question Bank:
Ques. The person in respect of whose default, the guarantee is given is called ………..
(a) principal debtor
(b) principal creditor
(c) principal surety
(d) principal bailee
Ques. In the contract of Indemnity ……….. to promise is essential.
(a) profit
(b) loss
(c) none of these
(d) benefit
Ques. Liability for paying money ………..
(a) secondary liability
(b) co-related liability
(c) preliminary liability
(d) subsidiary liability
Ques. In contract of indemnity how many parties are required ?
(a) 4
(b) 6
(c) 7
(d) 2
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Ques. The guarantee of single transaction is ………..
(a) general guarantee
(b) continuous guarantee
(c) implied guarantee
(d) none of these
Ques. In which type of contract promise is being protected ?
(a) Contract of guarantee
(b) Contract of agency
(c) Contract of indemnity
(d) Contract of bailment
Ques. Which type of guarantee is given for series of transaction ?
(a) general guarantee
(b) implied guarantee
(c) continuous guarantee
(d) general and continuous guarantee
Ques. Life insurance contract is an indemnity contract in India ?
(a) Limited
(b) No
(c) Ambiguity
(d) Yes
Related: Bailment Question Bank
Ques. The person to whom the guarantee is given is called ………..
(a) creditor
(b) debtor
(c) surety
(d) third party
Ques. The contract of Guarantee should be ………..
(a) Implied
(b) only written
(c) only oral
(d) written or oral
Ques. Liability of surety is ………..
(a) secondary liability
(b) preliminary liability
(c) subsidiary liability
(d) co-related liability
Ques. In contract of indemnity must be ………..
(a) five parties
(b) agreement without consideration
(c) implied consideration
(d) lawful consideration and object
Related: Syllogism test
Ques. Who is protected under the contract of guarantee ?
(a) guarantor
(b) creditor
(c) third person
(d) debtor
Ques. Whose consent is necessary in the contract of guarantee ?
(a) Surety
(b) Creditor
(c) Debtor
(d) All as under
Ques. On whose default, the promise of discharge of liability is given in contract of guarantee ?
(a) Principal debtor
(b) Subsidiary debtor
(c) Principal guarantor
(d) All above
Ques. How many parties are there in contract of guarantee ?
(a) One
(b) At will
(c) Three
(d) Two
Related: Intelligence and reasoning Model Questions
Ques. The contract of guarantee is for protection of ………..
(a) creditor
(b) debtor
(c) guarantor
(d) none of these
Ques. The liability of surety is exact nature of ………..
(a) subsidiary guarantor
(b) principal debtor
(c) implied guarantor
(d) subsidiary debtor
Ques. When guarantor becomes free ?
(a) By increase of liability
(b) None of these
(c) Change in terms of contract
(d) By getting benefit
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