Credit Transactions MCQs

Take the Credit Transactions MCQs – Set 2 Quiz.

Credit Transactions - Set 2 [20 items]

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Credit Transactions MCQs

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Question 1

[CT0203] It refers to a contract whereby one of the parties delivers to another money or other consumable thing with the understanding that the same amount of the same kind and quality shall be paid

A	Contract of Deposit
B	Precarium
C	Commodatum
D	Mutuum

Question 2

[CT0202] It refers to a kind of Commodatum where the bailor may demand the thing at will

A	Simple Loan
B	Contract of Loan
C	Precarium
D	Ordinary Commodatum

Question 3

[CT0215] If the thing deposited is money, the permission to use it will result in its consumption and converts the contract into a mutuum. But if the safekeeping is still the principal purpose of the contract then the same is a(n)

A	Precarium
B	Irregular Deposit
C	Ordinary Commodatum
D	Simple Loan

Question 4

[CT0216] When the thing deposited is closed and sealed, the depositary is justified to open such seal

A	When there is necessity to open such seal.
B	When the deposit involves consumable goods.
C	When the Contract of Deposit is essentially gratuitous.
D	When the seal of the deposited goods is broken.

Question 5

[CT0204] It refers to the deposit wherein the delivery is made by the will of the depositor

A	Ordinary Commodatum
B	Voluntary Deposit
C	Precarium
D	Contract of Deposit

Question 6

[CT0212] Contract of Deposit is essentially a gratuitous contract but it can be for compensation except

A	Where there is contrary stipulation established by the parties.
B	Where property saved from destruction without the knowledge of the owner.
C	Where the depositary is engaged in the business of storing goods.
D	Where it is in compliance with a legal obligation.

Question 7

[CT0219]A deposit is a real contract and therefore

A	perfected by delivery
B	involves real property
C	involves consumable goods
D	perfected by consent

Question 8

[CT0210] A loan given is a simple loan or mutuum except

A	If the borrower suffers in case of loss.
B	If the thing loaned can be demanded before the expiration of the term in case of urgent need.
C	If the ownership is transferred to the borrower.
D	If the borrower need only to pay the same amount of the same kind or quality.

Question 9

[CT0220] A deposit made on occasion of a calamity or in compliance with a legal obligation

A	Necessary Deposit
B	Contract of Carriage
C	Contract of Deposit
D	Voluntary Deposit

Question 10

[CT0208] Receipts in which it is stated that the goods received will be delivered to the depositor or to any other specified person.

A	Non-Negotiable Receipt
B	Delivery
C	Negotiable Receipt
D	Warehouseman’s Lien

Question 11

[CT0217] The Hotel-Keeper is not liable for compensation in case of loss except

A	The loss arises from the character of the things brought into the hotel.
B	The loss or injury is caused by force majeure.
C	The loss is due to the acts of the guest, his family, servants or visitors.
D	The loss is caused by the acts of robber done without the use of arms and irresistible force.

Question 12

[CT0206] Refers to the person lawfully engaged in the business of storing goods for profit

A	Depositary
B	Warehouseman
C	Bailee
D	Depositor

Question 13

[CT0205] The Hotel-keeper is not liable in case of loss of the thing deposited when

A	The loss is caused by his servants or employees.
B	The loss is due to the acts of the guest or his family.
C	The loss arises from the character of the things deposited.
D	The loss or injury is caused by Force majeure.

Question 14

[CT0213]Deposit is generally voluntary. It becomes necessary when made in the following cases except

A	When the deposit is made in compliance with a legal obligation.
B	When the delivery is made by the will of the depositor.
C	When the deposit is made by travelers with common carries.
D	When it is made by travelers in hotels and inns.

Question 15

[CT0207] Warehouse receipts must embody within its written and printed terms

A	The rate of storage fees.
B	The location of the warehouse where the goods are stored.
C	The description of the warehouse receipt.
D	The date of the issue of the receipt.

Question 16

[CT0211] A loan given is a commodatum except

A	If the loan is gratuitous and may be onerous.
B	If the borrower has the obligation to return the same thing loaned.
C	If the ownership of the thing loaned is retained by the lender.
D	If the thing loaned involves something not consumable.

Question 17

[CT0214] The action to compel the depositors to settle their conflicting claims among themselves would be in a nature of an

A	Interpleader
B	Replevin
C	Counterclaim
D	Set-off

Question 18

[CT0201] The bailee is liable for the loss of the thing even if it should be through fortuitous event, except

A	If he devotes the thing to a purpose not different from that for which it has been loaned.
B	If he lends or leases the thing to a third person, who is not a member of his household.
C	If being able to save either the thing borrowed or his own thing, he chose to save the latter.
D	If he keeps the thing longer than the period stipulated.

Question 19

[CT0218] The Depositary must be reimbursed for loss suffered by him because of the dangerous character of the thing deposited except

A	When the depositor does not notify the depositary of such dangerous character of the thing deposited.
B	At the time of the deposit, the depositor was not aware of it.
C	When the depositary was aware of it without advice coming from the depositor.
D	The depositor was not expected to know the dangerous character of the thing deposited.