Business Laws MCQs and Notes
Q. In a contract of indemnity, minimum no of parties are
✅ Correct Answer: (C)
2
Q. In a contract of indemnity the right of the indemnifier is similar to that of the:
✅ Correct Answer: (C)
surety
Q. Every promise and every set of promises, forming the consideration for each other is an
✅ Correct Answer: (A)
agreement
Q. When an endorser willing to transfer to an endorsee only a part of the amount of the instrument, then it is which type of endorsement?
✅ Correct Answer: (D)
Partial endorsement
Q. If an instrument may be construed either as a promissory note or bill of exchange, it is
✅ Correct Answer: (B)
An ambiguous instrument
Q. The term 'negotiation' in section 14 of the Negotiable Instruments Act, 1881 refers to
✅ Correct Answer: (A)
The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the person the holder thereof