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Pledge and Bailment Quiz

Authored by Dhinesh Raja

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Pledge and Bailment Quiz
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80 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a "pledge" under Section 172?

A sale of goods as security for payment

A loan made with the promise of repayment

The bailment of goods as security for payment of a debt or performance of a promise

A transfer of goods for a fixed period

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which section deals with the pawnee's right to retain the pledged goods until the debt is paid?

Section 172

Section 173

Section 175

Section 176

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which section of the Indian Contract Act addresses the pawnee's entitlement to claim extraordinary expenses incurred for the preservation of pledged goods?

Section 175

Section 176

Section 177

Section 179

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when the pawnor defaults on the payment of a debt or performance of a promise under Section 176?

The pawnee can return the goods without any penalty

The pawnee can sue the pawnor or sell the pledged goods after giving reasonable notice

The pawnor automatically forfeits the pledged goods

The pawnee is required to return the goods to the pawnor

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Section 177 allows the pawnor to redeem pledged goods:

At any time before the actual sale, by paying the debt and any expenses incurred

Only after the sale of the goods

After the expiration of the time specified in the agreement

Only with the pawnee's permission

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which section covers the situation where a pledge is made by a mercantile agent?

Section 179

Section 178

Section 178A

Section 175

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect of a pledge made by a mercantile agent with the consent of the owner under Section 178?

The pledge is invalid unless the pawnor's consent is obtained

The pledge is valid as if the agent were expressly authorized by the owner

The pawnee must seek the owner's permission to sell the goods

The pledge is void if the agent is not authorized in writing

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