Commercial Law

Section ____________ of Indian Contract Act defines a contract of Indemnity.

• Section 127

• Section 124

• Section 125

• Section 139

In a contract of Indemnity there are _______________

• 3 parties and one contract

• 2 parties and 2 contracts

• 3 parties and 3 contracts

• 2 parties and one contract

A contract of Indemnity is ______________

• Void Agreement

• Quasi Contract

• Contingent Contract

• Wagering Contract

A contract of Guarantee is a ___________ agreement.

• Bipartite Agreement

• Tripartite Agreement

• Either A or B

• None of these

Surety is a person who ______________

• Who gives the guarantee

• To whom the guarantee is given

• In respect of whose default the guarantee is given

• None of the above

Liability of surety is _______________

• Independent on default

• Conditional on default

• Either conditional or independent

• None of the above

Bailment is defined under section ___________ if Indian contract Act 1872.

• 144

• 146

• 148

• 149

Bailment is defined under section ___________ if Indian contract Act 1872.

• 144

• 146

• 148

• 149

If the goods are lent free for the bailee for his use it is known as ____________

• Commodation

• Gratuitous Bailment

• Non - Gratuitous Bailment

• Deposition

Lien means ______________

• A charge

• A particular status

• A guarantee

• A legal claim to hold property as security