1. Right of Subrogation means ----------
a) The surety will step into the shoes of the another
b) He is entitled to the benefit of every security which the creditor has
c) The surety can claim indemnity from the principal debtor
d) All the above
2.Bailment means ---------
a) The goods delivered to be returned by way of an equivalent in other commodities
b) The goods delivered to be returned by way of an equivalent in money
c) The goods is delivered by one person to another for some purpose to be specifically returned or otherwise disposed of as per the order of the bailor
d) All of these
3. Bailment is defined under Section ------ of Indian Contract Act, 1872
a) 144
b) 146
c) 148
d) 149
4. In all cases of bailment, the bailee is bound to take as much care of the goods bailed to him as a man of ordinary prudence would under similar circumstances. The statement is -----------
a) True
b) False
c) Partly correct
d) None of the above
5. If the goods are lent free to the bailee for his use it is known as ----
a) Commodation
b) Gratuitous Bailment
c) Non-Gratuitous Bailment
d) Deposition
6. 16.If the bailee mixes the goods of the bailor with his own goods, without the consent of the bailo
a) The bailee is liable to pay the expenses for separation of goods and damages
b) The bailee is not liable
c) Not liable for compensation
d) None of these
7. Lien means ---------
a) A charge
b) A particular status
c) A guarantee
d) A legal claim to hold property as security
8. Bailor in Pledge is known as ---------
a) Bailee
b) Pawnor
c) Pawnee
d) None of these.
9. In a Pledge, the general property or ownership in goods
a) Transferred to the pawnee
b) Cannot be transferred to the pawnee
c) Continues in the pawnor
d) None of the above
10.According to Section 71 of the Contract Act, a person who finds goods belonging to another and takes them into his custody, is subject to the same responsibility as a -----------
a) Bailee
b) Bailor
c) Surety
d) Pawnor