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commercial law

Authored by Praveena m

Arts

11th Grade - Professional Development

Used 6+ times

commercial law
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The __ creates legal relationship between the principal and third party.

Contractor

Agent

Principal

Owner

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

___ guarantees to the principal that if the third party does not pay then the agent will pay

Broker

General agent

Del credere agent

Subagent

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______________--is a legal document authorizing one person (called an agent) to act on behalf of another (the principal).

Special power of attorney

Particular power of attorney

General power of attorney

all the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  The consideration in case of contract of agency_____

Can be past, present, future

 

Need not be adequate 

Need to be real  

Not mandatory

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Advocates are classified as__                                                                                                                           

general agent

Special agent

mercantile agent

Non-mercantile agent

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In case of ratification the principal must ratify _________

Part transaction based on necessity

  the agreement of agency

whole transaction                                                                                                                                

the third party about agency

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The power given to agent ____

reasonable and unreasonable                                                   

expressed and implied        

legal and illegal                                                       

all of these

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