MCQ Test 4
Suretyship and Indemnity Quiz
Test your knowledge on the principles of suretyship and indemnity law with our engaging quiz. This quiz consists of 10 multiple-choice questions designed to challenge your understanding and enhance your learning.
Whether you are a student or a professional, this quiz will help you:
- Understand the key concepts of suretyship
- Identify the rights and responsibilities of a surety
- Learn about guarantees and contracts of indemnity
1.The surety is not discharged if a contract to give time to the principal debtor is made by the creditor with_____
A. The principal debtor
B. Any person other than the principal debtor
C. Either (a) or (b)
D. None of these
2.If the creditor does any act which is___with the right of the surety and the eventual remedy of the surety against____ is thereby impaired, the surety is discharged.
A. Not inconsistent
B. Inconsistent; the principal debtor
C. Not inconsistent; the creditor
D. Inconsistent; the creditor
3.A surety has the right of indemnity and right of subrogation against ___
A. The principal debtor
B. The creditor
C. The co-sureties
D. All of these
4.A surety has the right to claim securities and right of set-off against ___
A. The principal debtor
B. The creditor
C. The co-sureties
D. All of these
5. A guarantee given by an adult to discharge a loan given to minor is ____
A. Valid
B. Void
C. Voidable
D. Not enforceable
6.There are___Contracts in a contract of guarantee
A. 2
B. 3
C. Either 2 or 3
D.None of the Above
7.The person in respect of whose default the guarantee is given is called as ____
A. Guarantor
B. Debtor
C. Principal debtor
D.Surety
8.If an agent acts for sale or purchase of goods for a principal resident abroad,____
A. He shall not be personally liable
B. He shall be personally liable
9. There are__parties in a contract of indemnity
A. 2
B. 3
C. Either 2 or 3
D. None of these
10.A substituted agent is appointed by___ to act on behalf of______
A. The agent; principal
B. The agent; agent
C. The principal; agent
D. The sub-agent; agent
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