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Deepika - Contracts 2 -Q1

Authored by Deepika S Karthik

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2nd Grade

Used 1+ times

Deepika - Contracts 2 -Q1
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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. What are the provisions related to Indemnity under ICA?

S.123 & s.124

S.124 & s.125

S.126 & s.127

S.123 & s.124

Answer explanation

Correct Answer : s.124 & s.125

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

  1. A contract of Indemnity can be enforced only if there exist an

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. The contract of guarantee consist of the following parties namely -

PD, Surety & Creditor

Creditor, PD & indemnifier

Indemnifier, Indemnity holder and surety

Creditor and surety

4.

OPEN ENDED QUESTION

3 mins • 1 pt

The dictum in the famous case of Ganjan Moreshwar v. Moreshwar Madhan, 1942 says -

Evaluate responses using AI:

OFF

Answer explanation

A Indemnity contract can be enforced by ID even before actual loss if there is an absolute liability existing.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a contract of Guarantee , the surety need not be liable if the material facts related to the transaction are

Fraudulent and Misrepresented

Mistaken and.Misrepresented

Mistaken and Concealed

Misrepresented or Concealed

6.

OPEN ENDED QUESTION

3 mins • 1 pt

There are 3 rights given to an Indemnity holder under s.125 of ICA . These are

Evaluate responses using AI:

OFF

Answer explanation

  1. Right to all damages compelled to pay in a suit filed to defend or deal with a case

  2. Right to costs in such suits

  3. Right to get all damages paid in case of settlement or compromise

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Contract of Guarantee is defined under the following provision of ICA

S.135

S.134

S.121

None of the above

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