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Indemnity & guarantee MCQs with Answers

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Use these standalone questions to revise the law for CLAT PG. The exam asks comprehension questions based on extracts from judgments, statutes and regulations. See the CLAT PG exam format

Question 1

Under the Indian Contract Act, a guarantee:

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Question 2

Mohit lends Rs. One Lakh to Som where Narain was the surety. The contract in this transaction provided that the liability of Narain is limited to Rs. 50,000/-. The contract is :

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Question 3

Surety is a person

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Question 4

A contract of indemnity is a

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Question 5

"The liability of the surety is co-extensive with that of the principal debtor." It has been provided under Indian Contract Act:—

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Question 6

Section 124 of Indian Contract Act, includes under Contract of Indemnity the

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Question 7

Under which provision of Indian Contract Act the bank guarantee is governed

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Question 8

A contract of guarantee has been defined

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Question 9

Extent of surety's liability has been provided under contract Act in:—

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Question 10

"Continuing Guarantee" has been defined

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Practise for these exams

  • CLAT PG

  • Karnataka Judicial Services

  • Uttar Pradesh Judicial Services (UP PCS-J)