Tag: business law and contract act

Questions Related to business law and contract act

The essential features of a bailment are

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. There is a contract

  2. There is change in possession of goods

  3. The ownership is not transferred

  4. All of the above

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Correct Option: D

A person who finds goods belonging to another and takes them into his custody, is subject to the same responsibility as a:

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Thief

  2. Trespasser

  3. Bailee

  4. True Owner

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Correct Option: C

A person employed by and acting under the control of the original agent is

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Sub agent

  2. Substituted agent

  3. Special agent

  4. Co-agent

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Correct Option: A

M, by a gift deed transferred certain property to her daughter, with a direction that daughter should pay an annuity to M's brother, as had been done by M. On the same day, the daughter executed a deed in writing in favour of M's brother, agreeing to pay annuity. Afterwards, she declined to fulfil her promise saying that no consideration had moved from her uncle. Which of the following statements is correct?

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. The daughter is bound to pay annuity

  2. There is no valid consideration in this contract

  3. M's brother is a third party to the contract and cannot sue

  4. The daughter is not bound to pay annuity

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Correct Option: A

The liability of a surety:

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. May be less than that of the debtor

  2. May be more than that of the debtor

  3. Always remains the same as that of a debtor

  4. Depends upon the judgment of court

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Correct Option: C

Contract of ubberimac fidei is.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Buyer beware

  2. Utmost good faith

  3. Subrogation

  4. Insurance guarantee

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Correct Option: B