Special Contract - Test 3

The person in respect of whose default, the guarantee is given is called…………

• Principal debtor

• Principal creditor

• Principal surety

• Principal bailee

Which type of guarantee is given for series of transaction ?

• General guarantee

• Implied guarantee

• Continuous guarantee

• General and continuous guarantee

The contract of Guarantee should be ………..

• only written

• only oral

• written or oral

Liability of surety is……….

• Secondary liability

• Preliminary liability

• Subsidiary liability

• Co-related liability

On whose default, the promise of discharge of liability is given in contract of guarantee.

• Principal debtor

• Subsidiary debtor

• Principal guarantor

• All above

In case of co-sureties, release of one surety by the creditor:

• Amounts to discharge of other sureties

• Does not amount to discharge of other sureties

• Amounts to discharge of the surety so released vis-a-vis co-sureties as well

• None of the above

A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called----

• Indemnity

• Guarantee

• Agency

• Bailment

Section-125 of the ICA,1872 deals with ------

• Rights of indemnity-holder

• Continuous guarantee

• General guarantee

• Implied guarantee

Section-126 of the ICA,1872 deals with ------

• Consideration for guarantee

• Surety

• Principal debtor

• Creditor

The liability of the surety is co- extensive with that of ------------unless it is otherwise provided by the contract.

• Principal debtor

• Surety

• Creditor

• Co-surety