Indemnity and Guarantee

Question 1

How many parties are there in a Contract of Indemnity?nnnn

Answer 1

2

Question 2

How many parties are there in a contract of indemnity?

Answer 2

Indemnifier

Question 3

A contract of Indemnity is if one party promises to save the other from loss caused to him by

Answer 3

The conduct of the promisor himself or the conduct of any other person

Question 4

The party to whom indemnity is called as

Answer 4

Indemnity holder

Question 5

The indemnity holder has the right to recover

Answer 5

Damages, Costs of the suit and sums paid as a compromise of the suit.

Question 6

The indemnity holder has no right to recover

Answer 6

Compensation for loss of goodwill

Question 7

A contract of indemnity is a _______ contract

Answer 7

Contingent contract

Question 8

A contract to save Mr.S against the consequences of any proceedings which Mr. R may take against Mr. S in respect of certain sum of Rs.100,000 is ___________

Answer 8

Contract of Indemnity

Question 9

Contact of Insurance is

Answer 9

Contract of Indemnity

Question 10

The liability of indemnifier towards the indemnity holder is

Answer 10

primary

Question 11

How many number of parties to a contract of guarantee?

Answer 11

3

Question 12

How many number of contracts to a contract of guarantee?

Answer 12

3

Question 13

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

Answer 13

Principal debtor

Question 14

A contract of guarantee is a contract to ___________, of a third person in case of his default.

Answer 14

Perform the liability
Discharge the liability

Question 15

A person who gives the guarantee is called as _________ and the person to whom the guarantee is given is called as_______

Answer 15

Surety, Creditor

Question 16

In a contract of guarantee, the person who promises to discharge the liability of another person is called as ___________ and the person whose liability is promised to be discharged is called as _________.

Answer 16

Surety, Principal debtor

Question 17

In contract of ________, there are 3 parties

Answer 17

Guarantee

Question 18

The guarantee is valid even if ________ is incompetent to contract.

Answer 18

Principal Debtor

Question 19

A guarantee given by an adult to discharge a loan given to a minor is_______.

Answer 19

Valid

Question 20

Mr. W is a zamindar, Mr. J seeks employment with Mr. W. Mr. W agrees to entrust the task of collecting rents on behalf of Mr. W to Mr. J on the condition that Mr. H promises to be responsible towards Mr. W for due collection and payment of rents by Mr. J. The guarantee given by Mr. H to Mr. W is _______

Answer 20

Continuing guarantee

Question 21

Revocation of continuing guarantee is effective in respect of

Answer 21

Future transactions

Question 22

The liability of surety arises

Answer 22

immediately on the default by the principal debtor.

Question 23

In case of default by the principal debtor, the creditor is entitled to proceed against the surety, ______ first proceeding against the principal debtor.

Answer 23

Without

Question 24

If, without the consent of the surety, the creditor loses or parts with any security which was provided to him by the principal debtor at the time when the contract of surety was entered into, the surety is ________

Answer 24

Discharged to the extent of the value of the security

Question 25

A surety has the right of indemnity and right of subrogation against

Answer 25

Principal debtor

Question 26

A surety has the right to claim securities and right to set off against

Answer 26

The creditor

Question 27

Any guarantee which the creditor has obtained by means of keeping silence as to material circumstances is

Answer 27

invalid

Question 28

The surety is entitled to claim from the principal debtor all the sums

Answer 28

rightfully paid by him

Question 29

A surety has the right to contribution and right to share benefit of securities against______

Answer 29

Co sureties

Question 30

A,B & C are sureties to D for the sum of Rs. 30,000 lent to E. there is a contract between A,B and C that they shall be liable in the ratio of 1:2:3. E makes a default in payment. AA, B and C are liable to pay to E__________, ________ and ________.

Answer 30

Rs.5000, Rs. 10000 and Rs. 15000