PROMOTION PART 1

A pledge is a contract where by

• Standing crop is mortgaged as a security

• Vehicle is hypothecated as a security

• Bailment of goods as a security for payment of debt or performance of promise is made

• None of the above

Mr. Laloo, an officer in the bank who has power of Attorney from the Bank receives Rs.50000/- from the depositor, issues FDR but does not credit the amount in Bank. Mr. Laloo has misappropriated the amount. Under the circumstances

• Bank is not liable for payment to the depositor, as the fraud committed by the agent which do not fall within its authority

• Since Mr. Laloo had the authority to issue receipt, bank shall be liable to depositor

• Bank should pay only Rs.25,000/- to depositor

• Bank should pay only Rs.40,000/- to depositor

 A proposal when accepted becomes a.....................

• Promise

• Contract

• Offer

• Acceptance

• Contract

 The delivery of goods by one person to another for some specific purpose is known as………

•  Bailment 

• Hypothecation 

• Pledge

•  Mortgage

• sale

A Contract of Guarantee is a agreement.....

• Bipartite agreement

• Tripartite agreement

• Either (A) or (B)

•   None of these

• Only A is true

A consideration in a contract of sale must be only...

• Goods

• Movable only

• Price

•  Purchase

•  Service

A contract by which one party promises the other party to save from loss which may be caused either by the conduct of the promisor or by the conduct of any other person is called as --------

• Contract of Bailment

• Contract of Guarantee

• Contract of Pledge

• Contract of Indemnity

• none

Alibaba was 17 years old. He needed money to see ‘Tangal’ a film on first day of release. He pledged his ring in ‘Parekh bankers’. Which one of these is wrong?

• Bailment is invalid.

• Minor cannot pledge.

• Bailment is valid because it is not a pledge.

• Pledge is not valid because minor cannot contract.

• All are correct 

Agent is a person who works on behalf of….........

• President

• Leader

• Superior

• Subordinate

• Principal

Can an Agent appoint a sub-agent?

• Yes, with the permission of Principal 

• No, not permitted by law

• Yes, with the permission of Central Government

• Yes, with the permission of Police/CBI

• Yes , by permission of Bank