Law sample papers

Questions on Indemnity and Guarantee

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Indemnity and Guarantee Question Bank:

Ques:  In the contract of Indemnity ……….. to promise is essential.
(a) loss
(b) benefit
(c) profit
(d) none of these

Ques:  In contract of indemnity how many parties are required ?
(a) 2
(b) 4
(c) 6
(d) 7

Ques:  In which type of contract promise is being protected ?
(a) Contract of indemnity
(b) Contract of guarantee
(c) Contract of agency
(d) Contract of bailment

Related: Bailment Question Bank

Ques:  Life insurance contract is an indemnity contract in India ?
(a) No
(b) Yes
(c) Limited
(d) Ambiguity

Ques:  The contract of Guarantee should be ………..
(a) written or oral
(b) Implied
(c) only oral
(d) only written

Ques:  In contract of indemnity must be ………..
(a) lawful consideration and object.
(b) five parties.
(c) implied consideration.
(d) agreement without consideration.

Ques:  Whose consent is necessary in the contract of guarantee ?
(a) All as under
(b) Surety
(c) Debtor
(d) Creditor

Ques:  How many parties are there in contract of guarantee ?
(a) Three
(b) Two
(c) One
(d) At will

Related: Copyright and Trademark Rights (IPR) in India

Ques:  The person in respect of whose default, the guarantee is given is called ………..
(a) principal debtor
(b) principal creditor
(c) principal surety
(d) principal bailee

Ques:  Liability for paying money ………..
(a) preliminary liability
(b) secondary liability
(c) subsidiary liability
(d) co-related liability

Ques:  Liability of surety is ………..
(a) secondary liability
(b) preliminary liability
(c) subsidiary liability
(d) co-related liability

Ques:  The person to whom the guarantee is given is called ………..
(a) creditor
(b) debtor
(c) surety
(d) third party

Ques:  Which type of guarantee is given for series of transaction ?
(a) continuous guarantee
(b) general guarantee
(c) general and continuous guarantee.
(d) implied guarantee

Ques:  The guarantee of single transaction is ………..
(a) general guarantee
(b) continuous guarantee
(c) implied guarantee
(d) both 2 & 3

Ques:  On whose default, the promise of discharge of liability is given in contract of guarantee ?
(a) Principal debtor
(b) Subsidiary debtor
(c) Principal guarantor
(d) All above

Ques:  The contract of guarantee is for protection of ………..
(a) creditor
(b) debtor
(c) guarantor
(d) none of these

Ques:  The liability of surety is exact nature of ………..
(a) principal debtor
(b) subsidiary debtor
(c) subsidiary guarantor
(d) implied guarantor

Ques:  When guarantor becomes free ?
(a) Change in terms of contract.
(b) By increase of liability.
(c) By getting benefit.
(d) None of these

Ques:  Who is protected under the contract of guarantee ?
(a) creditor
(b) debtor
(c) guarantor
(d) third person

Answers: Option A (all questions)

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Vishal Arora

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