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essentials business law
Business Law 2nd Edition Tejpal Sheth - Solutions
The liability of a surety is(i) more than that of the principal debtor.(ii) less than that of the principal debtor.(iii) same as that of the principal debtor.(iv) dependent on the court’s discretion.
A guarantee given for the minor’s debts is(i) valid. (iii) voidable.(ii) void. (iv) illegal.
In a contract of guarantee, a person who promises to discharge another’s liability is known as(i) the principal debtor. (iii) the indemnified.(ii) the creditor. (iv) the surety.
A contract in which a person promises to discharge the liability of another person, in case of default by such person, is known as a(i) quasi-contract. (iii) contract of guarantee.(ii) contract of indemnity. (iv) none of the above.
The liability of the indemnifier to compensate the indemnity-holder commences when(i) the indemnity-holder has suffered actual loss.(ii) the liability of the indemnity-holder becomes clear and certain.(iii) he is called upon to pay.(iv) he fixes the date for the same.
On making the payment of the loss suffered by the indemnity-holder, the indemnifier’s rights are not provided in any section of the Contract Act, thus he gets(i) the right of surety. (iii) the fundamental rights.(ii) the moral right. (iv) none of the above.
Co-sureties bound in different sums are liable to pay(i) equally, as far as the limits of their respective obligation permit.(ii) proportionally, according to their respective obligation.(iii) none of the above.
One of the following is not an essential of a valid contract of indemnity, which states that it must(i) have requisites of a valid contract.(ii) be to save a party from some loss.(iii) be in writing and signed.(iv) be lawful in nature.
Section 124 defines the contract of indemnity in a wider sense as it also covers all the contracts of insurance, whereas the English Law defines this term in a narrower sense as it does not cover the insurance contracts.(i) True(ii) False
The party who gives the indemnity is known as(i) the indemnity-holder. (iii) the surety.(ii) the indemnifier. (iv) the principal debtor.
A contract in which one person promises to compensate the other for the loss suffered by him, due to the conduct of the promisor or of any other person, is known as a(i) contract of indemnity. (iii) quasi-contract.(ii) contract of guarantee. (iv) none of the above.
Liability of the surety is(i) coextensive with the principal debtor. (iii) secondary to the principal debtor.(ii) primary with the principal debtor. (iv) all of these.
The number of contracts in the contract of guarantee are(i) two. (iii) four.(ii) three. (iv) none of the above.
Explain the difference between the contract of indemnity and the contract of guarantee.
Loss of security by the surety means the loss of surety. Explain. (Ref. Para-9.10)
When does the creditor’s act discharge surety? (Ref. Para-9.10)
Variance in the terms of contract of guarantee do not affect contract. Comment. (Ref. Para-9.10)
In what circumstances is the contract of guarantee regarded as invalid? (Ref. Para-9.10)
How, and in what circumstances, is the surety discharged from his liability? (Ref. Para-9.10)
What are the rights of surety against the creditor? (Ref. Para-9.9)
What are the rights of surety against the principal debtor? (Ref. Para-9.9)
What are the rights of surety against the other co-surety? (Ref. Para-9.9)
What are the surety’s rights against the principal debtor and the creditor?Does he have any right against the co-sureties? (Ref. Para-9.9)
In the contract of guarantee, the primary liability is of the surety. Comment. (Ref. Para-9.8)
Liability of the surety is primary and independent. Comment. (Ref. Para-9.8)
State the nature and extent of the surety’s liability. (Ref. Para-9.8)
The death of the surety operates as a revocation of the continuing guarantee and not of the specific guarantee. Comment.
A continuing guarantee can never be revoked. Comment. (Ref. Para-9.7)
What is a continuing guarantee? How it can be revoked? (Ref. Para-9.6,9.7)
What are the various kinds of guarantee? (Ref. Para-9.6)
The contract of guarantee may be oral or in writing. Comment. (Ref. Para-9.5)
There is no consideration in case of the contract of guarantee. Comment. (Ref. Para-9.5)
What are the essentials for a valid contract of guarantee? (Ref. Para-9.5)
Define the contract of guarantee. (Ref. Para-9.4)
What are the rights of the indemnity holder? (Ref. Para-9.3)
What are the legal rules for the contract of indemnity? (Ref. Para-9.2)
What are the essentials of the contract of indemnity? (Ref. Para-9.2)
Define the contract of indemnity. (Ref. Para-9.1)
A contracts to repair B’s house and receives payment in advance. A repairs the house but not according to the contract.(i) B is entitled to recover from A, the additional cost of making the repairs as per the contract.(ii) B is not entitled to recover any cost from A.(iii) B is entitled to
Where the banker wrongfully dishonors a customer’s cheque, the court may award(i) ordinary damages.(ii) special damages.(iii) exemplary damages.(iv) none of the above.
In which of the following cases, specific performance can be allowed?(i) Contract to sing a song.(ii) Contract to paint a picture.(iii) Contract to enter into partnership at will.(iv) None of the above.
A and B jointly owe ` 10 lakhs to C. A pays the amount to C and B, not knowing this fact, B pays` 10 lakhs over again to C.(i) C is bound to repay the amount to B.(ii) C is bound to repay the amount to B and A jointly.(iii) C is bound to repay the amount to A and B equally.(iv) C is not bound to
A finder of goods(i) has no responsibility for the goods.(ii) is subject to the same responsibility as a bailee.(iii) is the owner of the goods.(iv) none of the above.
A saves B’s goods from fire.(i) A is not entitled to compensation from B.(ii) A is entitled to compensation from B.(iii) B must compensate A.(iv) None of the above.
A quasi-contract is …… law.(i) entered by (iii) made by(ii) creature of (iv) both (i) and (iii).
Which of the following is incorrect?(i) In a quasi-contract, the promise to pay is always an implication of law and not of facts.(ii) Quasi-contracts are not contracts at all.(iii) A quasi-contract is implied in law.(iv) A quasi-contract is not a real contract.
A quasi-contract(i) is a contract.(ii) is an agreement.(iii) has only a legal obligation.(iv) is not any of these.
A stipulation for increased interest from the date of default is known as(i) a compensation. (iii) liquidated damages.(ii) a penalty. (iv) damages.
Liquidated damages are calculated …. a contract.(i) at the time of making (iii) at the time of performance of(ii) after making (iv) either (ii) or (iii).
Liquidated damages means an amount of the ….. that may result from the breach of contract.(i) actual loss (iii) pre-estimated probable loss(ii) loss suffered (iv) pre-estimated actual loss
Nominal damages can be(i) claimed by the aggrieved party as a matter of right.(ii) awarded only at the discretion of the court.(iii) claim by the aggrieved party for loss.(iv) all of the above.
Vindictive damages have been awarded(i) for a breach of the promise to marry. (iii) either (i) or (ii).(ii) for a wrongful dishonour of a cheque. (iv) neither (i) nor (ii).
Exemplary damage is also known as(i) a vindictive damage. (iii) a direct damage.(ii) a punitive damage. (iv) either (i) or (ii).
Nominal damages are awarded to indicate that the party has …..(i) won the case. (iii) suffered huge loss.(ii) actually suffered the loss. (iv) suffered unusual loss.
The damages awarded by a way of punishment are called as(i) special damages. (iii) exemplary damages.(ii) ordinary damages. (iv) nominal damages.
H’s mill stopped due to the breakdown of a shaft, which was delivered to B, a common carrier to be taken to the manufacturer for the repairs. H did not communicate to B that a delay in the delivery would cause a loss of the profits. For some reason, the delivery was delayed by B beyond a
When there is a breach of contract, special damages are awarded(i) when there are special circumstances.(ii) when there is a special loss.(iii) when there is a notice of the likely special loss.(iv) all of the above.
A contracts to deliver 1000 bags of rice at ` 100 per bag on a future date. On the due date, he refuses to deliver. The market price on that day is ` 120 per bag. Which damages can be granted by the court?(i) Ordinary damage (iii) Remote damage(ii) Special damage (iv) Vindicative damage
In case of a breach of contract, the Indian Law awards the damages(i) for the loss of profit which may have been earned.(ii) which arose naturally.(iii) as matter of a penalty.(iv) to compensate party from physical loss.
In case of the breach of contract, the compensation can be claimed for the(i) remote consequences of the breach. (iii) indirect consequences of the breach.(ii) the natural consequences of breach. (iv) all of the above.
Remedy under the quantum meruit is available to a(i) party at the fault. (iii) either (i) or (ii).(ii) party not at the fault. (iv) both (i) and (ii).
When a person has done some work under a contract and the other party repudiates the contract, then the party who performed the work can claim remuneration for the work done. This is based on the principle of(i) rescission. (iii) injunction.(ii) quantum meruit. (iv) specific performance.
..............means an order of the court restraining a person from doing what he promised not to do.(i) Quantum meruit (iii) Injunction(ii) Rescission (iv) Specific performance
In which of the following situations is specific performance not granted?(i) Where the monetary compensation is an adequate relief.(ii) Where the contract is of a personal skill.(iii) Either (i) or (ii).(iv) Neither (i) nor (ii).
In case of breach of contract of sale of some antique goods, the court may grant a/an(i) quantum meruit. (iii) specific performance.(ii) rescission. (iv) injunction.
A specific performance may be ordered by the court when(i) the contract is voidable (iii) the damages are not an adequate remedy.(ii) the damages are an adequate remedy (iv) the quantum meruit is not possible.
The court may grant rescission where the contract is(i) voidable. (iii) unenforceable.(ii) void. (iv) all of the above.
The remedies available to a person, suffering from the breach of contract are(i) suit for damages. (iii) quantum meruit(ii) suit for injunction. (iv) all of the above.
Explain any three examples or cases of quasi-contract.
Quasi-contract is based upon the principle of equity. Comment.
Write a short note on quasi-contract.
When can the party to contract claim on quantum meruit? Explain.
Write a short note on quantum meruit.
When can a court grant injunction order? Give its one suitable example.
When can a specific performance not be granted by the court?
What do you understand by a specific performance? When can a specific performance be granted by the court?
Distinguish between the ordinary damages and liquidated damages. (
Distinguish between the liquidated damages and a penalty.
Explain the vindictive damage.
Distinguish between the ordinary and special damages.
What do you understand by special damages? When special damages are granted?
Explain the ordinary damage with a suitable example.
Explain the type of damages awarded in the case of a breach of contract.
What kind of damage may be awarded in case of the breach of contract under the law of contract?
The damage for the breach of contract is awarded by the court for the purpose of punishing the defaulting party.
Explain the case of Hadely versus Baxendale on which the damages are assessed for the breach of contract.
Comment—The damages for the breach of contract are granted by a way of compensation, and not by a way of punishment.
What are the remedies available to an aggrieved party on the breach of contract?
A contracts to buy B’s scooter for ` 10,000 but breaks the promise. What compensation must A pay to B?(i) The excess amount of the contract price, over the price which B can obtain for the scooter at the time of breach of promise.(ii) The contract price of ` 10,000.(iii) The price which B
Where a party to contract transfers his rights under the contract to another person, it is legally known as(i) novation of a contract. (iii) waiver of a contract.(ii) rescisson of a contract. (iv) assignment of a contract.
In case of an anticipatory breach, the promisee can(i) put an end to the contract.(ii) elect to keep the contract alive till the date of performance.(iii) either (i) or (ii).(iv) neither (i) nor (ii).
A agreed to supply certain goods to B, which were to be imported by C. But C failed to import the goods. In this case, the contract is(i) discharged. (iii) voidable.(ii) not discharged. (iv) impossible to perform.
Actual breach may take place(i) expressly. (iii) either (i) or (ii).(ii) impliedly. (iv) neither (i) nor (ii).
In case of alteration,(i) old terms and conditions need not to be performed.(ii) new terms and conditions must be performed.(iii) both (i) and (ii).(iv) neither (i) nor (ii).
In case of novation, there is(i) a change to some of the terms and conditions of the original contract.(ii) a substitution of an existing contract with the new one.(iii) either (i) or (ii).(iv) neither (i) nor (ii).
A owes B ` 50,000. Due date for the payment is 25th March. A pays to B ` 30,000 on 25th March, who accepts it in full satisfaction of the debt. The debt is discharged on account of(i) remission. (iii) novation.(ii) extension time of performance. (iv) all of the above.
If a person accepts a lesser sum of money, than what was contracted for, in the discharge of the whole debt, it is known as(i) a waiver. (iii) an alteration.(ii) a remission. (iv) a rescission.
A contracts with B to deliver goods to B on 1st July. A does not deliver goods on 1st July. B may rescind the contract. The contract is rescinded due to(i) mutual decision. (iii) impossibility of performance.(ii) A’s failure to perform. (iv) revocation of proposal.
Rescission of a contract means(i) the termination of the contract.(ii) the renewal of the contract.(iii) the alteration of the contract.(iv) the substitution of the new contract in the place of the earlier one.
For a valid novation, a new contract must be made(i) before making of the original contract.(ii) during the continuance of the original contract.(iii) after the conclusion of the original contract.(iv) all of the above.
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