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Legal Aspects of Business MCQ - Legal Aspects of Business Section 2

21 The circumstances in which the creditor must make a disclosure to the proposed surety are:
I. Where the surety has asked specific questions to the creditor
II. Where the bank misleads the surety by volunteering only part of the truth
III. Where the surety makes a statement in the creditor’s presence that demonstrates that he entirely misunderstands the principal debtor's position
IV. Where there is anything that might not naturally be expected to take place between the principal-debtor and the creditor

22 The conditions which entitle an agent to exceed his authority under the doctrine of necessity are:

23 The consideration for a family arrangement may be the preservation of family property, preservation of peace and honor of the family or the avoidance of litigation; or avoiding the possibility of a future dispute. In which of the following cases it was held?

24 The creditor may file a suit at his option only against the surety. In which of the following cases it was upheld?

25 The decisions of the expert or technical or commercial committees in scrutinizing the tenders under Section 10 of the Indian Contract Act, 1872 will not be interfered unless:

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Question:

Choose the most appropriate option in respect of a Sale which is not generally rescinded by lien or stoppage in transit:

A. A contract of sale is rescinded by the exercise of an unpaid seller’s right of lien or stoppage of lien
B. Where an unpaid seller who has exercised his right of lien or stoppage in transit resells the goods, the buyer of such goods does not acquire a good title thereto as against the original buyer.
C. Where the seller resells the goods in case of buyer’s default the original contract of sale is not rescinded
D. Where the unpaid seller who has exercised his right of lien or stoppage in transit gives notice to buyer of his intention to resell, the unpaid seller may resell the goods within a reasonable time and recover damages incurred due to his breach of the contract from the original buyer

Correct answer: D

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