Topics of Law Test 81

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Topics of Law Test 81

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Weekly Quiz Competition

Question 1
1 / -0

A supplies rice and wheat to the wife and children of B who is a lunatic. B has assets worth one lakh of rupees. Which of the following is correct in relation to this statement?

A
B is personally liable to A.

B
Contract is void ab initio. A cannot recover anything from B.

C
Contract is valid and A can recover the amount even if it exceed one lakh of rupees.

D
Contract is valid and A can recover the amount to the extent of assets of one lakh of rupees.

Solution

Under Section 68 of Indian Contract Law, 1872, 'Claim for necessaries supplied to person incapable of contracting, or on his account.—If a person, incapable of entering into a contract, or any one whom he is legally bound to support, is supplied by another person with necessaries suited to his condition in life, the person who has furnished such supplies is entitled to be reimbursed from the property of such incapable person.' Hence A can recover the amount to the extent of B's assets of Rupees One Lakh.
Question 2
1 / -0

Under section 141, a surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the contract of suretyship is entered into whether the surety knows of the existence of such security or not.

A
False

B
True

C
Partly true

D
None of the above

Solution

Section 141 talks about "Surety’s right to benefit of creditor’s securities.—A surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the contract of surety is entered into, whether the surety knows of the existence of such security or not; and if the creditor loses, or without the consent of the surety, parts with such security, the surety is discharged to the extent of the value of the security."
Question 3
1 / -0

Tanu owes Richa Rs. 5,00,000 as follows:
Debt I 2,00,000
Debt II 1,50,000
Debt III 1,00,000
Debt IV 50,000
5,00,000
Tanu sends cheque for Rs. 2,00,000 without indicating towards which debt the amount should be adjusted. Richa can appropriate it _______.

A
Towards Debt II of Rs. 1,50,000 and Debt IV of Rs. 50,000

B
Towards Debt IV of Rs. 50,000, Debt Ill of Rs. 1,00,000 and Debt II of Rs. 50,000

C
Towards Debt I to IV in ratio of 20:15:10:5 i.e. 80,000,:60,000,:40,000,:20,000 respectively

D
All of the above
Question 4
1 / -0

Nitin owes Baban Rs. 2,50,000 as follows:
Debt I 1,00,000
Debt II 75,000
Debt III 50,000
Debt IV 25,000
2,50,000
Nitin sends cheque for Rs. 1,00,000 stating that it shall be appropriated towards the first sum of Rs. 1,00,000. Baban shall appropriate it ____.

A
Towards: Debt II Rs. 75,000 and Debt IV Rs. 25,000

B
Towards Debt IV Rs. 25,000, Debt III Rs. 50,000 and Debt II Rs. 25,000

C
Towards Debt l to IV in ratio of 100:75:50:25 i.e. 40,000, 30,000, 20,000, 10,000 respectively

D
Towards Debt I as indicated by Nitin

Solution

Section 59 of the Indian Contract Act, 1872 deals with Application of payment where debt to be discharged is indicated. When Nitin specified the exact amount which needs to be appropriated, Baban should do exactly as specified. In this case, he should appropriate the Debt I that Nitin specified.
Question 5
1 / -0

A took a loan from Punjab National Bank to the extent of Rs. 2,50,000. B guarantees the repayment of this loan. Later, A secures another loan of Rs.1,50,000 from the same bank. He tenders a sum of Rs. 2,00,000 to the bank without any advice as to its manner of appropriation. Bank uses this money towards the settlement of loan of Rs. 1,50,000 plus interest and remaining towards the loan guaranteed by B. A objects to this. Decide.

A
Bank must appropriate it towards first loan of Rs. 2,50,000.

B
Bank must appropriate it towards interest of first loan and remaining towards principle of first loan of Rs. 2,50,000.

C
A fails to indicate the manner of appropriating and so the bank entitled to appropriate it in any manner it likes towards any lawful debt. Therefore, A has no cause to object.

D
Bank must appropriate it towards second loan of Rs. 2,50,000.
Question 6
1 / -0

A and B go into a shop. A says to the shopkeeper, "Let B have the goods and if he does not pay, I will". This is a _______.

A
Contract of guarantee

B
Contract of Indemnity

C
Contract of Specific performance

D
Contract of wagering

Solution

Section 126 of Indian Contract Law, 1872 states, ‘Contract of guarantee’, ‘surety’, ‘principal debtor’ and ‘creditor’—A ‘contract of guarantee’ is a contract to perform the promise, or discharge the liability, of a third person in case of his default. The person who gives the guarantee is called the ‘surety’; the person in respect of whose default the guarantee is given is called the ‘principal debtor’, and the person to whom the guarantee is given is called the ‘creditor’. A guarantee may be either oral or written."
Question 7
1 / -0

Where each party must perform his promise independently and irrespective of the fact whether the other party has performed, or willing to perform, his promise or not, such reciprocal promises fall under the category of ______.

A
Mutual arid concurrent

B
Conditional and dependent

C
Mutual and independent

D
Both (A) and (B)
Question 8
1 / -0

_______is the delivery of goods, by one person to another, for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of, according to the instructions of the person delivering them.

A
Indemnity

B
Bailment

C
Guarantee

D
Sale
Question 9
1 / -0

Ravi found a purse in a computer education centre. He deposited the purse with proprietor of the centre so that the real owner can claim. However, no one claimed the purse. Ravi wants the purse back. Can he succeed?

A
Yes

B
No

C
Partly yes

D
None of the above
Question 10
1 / -0

Anything committing, or threatening to commit, any act forbidden by the Indian Penal Code with the intention of causing any person to enter, into an agreement is called______.

A
Fraud

B
Coercion

C
Misrepresentation

D
Cheating

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Debt I	2,00,000
Debt II	1,50,000
Debt III	1,00,000
Debt IV	50,000
	5,00,000

Topics of Law Test 81

Result

Topics of Law Test 81

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SHARING IS CARING

Question 1

B is personally liable to A.

Contract is void ab initio. A cannot recover anything from B.

Contract is valid and A can recover the amount even if it exceed one lakh of rupees.

Contract is valid and A can recover the amount to the extent of assets of one lakh of rupees.

Solution

Question 2

False

True

Partly true

None of the above

Solution

Question 3

Towards Debt II of Rs. 1,50,000 and Debt IV of Rs. 50,000

Towards Debt IV of Rs. 50,000, Debt Ill of Rs. 1,00,000 and Debt II of Rs. 50,000

Towards Debt I to IV in ratio of 20:15:10:5 i.e. 80,000,:60,000,:40,000,:20,000 respectively

All of the above

Question 4

Towards: Debt II Rs. 75,000 and Debt IV Rs. 25,000

Towards Debt IV Rs. 25,000, Debt III Rs. 50,000 and Debt II Rs. 25,000

Towards Debt l to IV in ratio of 100:75:50:25 i.e. 40,000, 30,000, 20,000, 10,000 respectively

Towards Debt I as indicated by Nitin

Solution

Question 5

Bank must appropriate it towards first loan of Rs. 2,50,000.

Bank must appropriate it towards interest of first loan and remaining towards principle of first loan of Rs. 2,50,000.

A fails to indicate the manner of appropriating and so the bank entitled to appropriate it in any manner it likes towards any lawful debt. Therefore, A has no cause to object.

Bank must appropriate it towards second loan of Rs. 2,50,000.

Question 6

Contract of guarantee

Contract of Indemnity

Contract of Specific performance

Contract of wagering

Solution

Question 7

Mutual arid concurrent

Conditional and dependent

Mutual and independent

Both (A) and (B)

Question 8

Indemnity

Bailment

Guarantee

Sale

Question 9

Yes

No

Partly yes

None of the above

Question 10

Fraud

Coercion

Misrepresentation

Cheating

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