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Judiciary Exams Exam  >  Judiciary Exams Tests  >  Test: Rights and Duties of Pawnor and Pawnee - Judiciary Exams MCQ

Test: Rights and Duties of Pawnor and Pawnee - Judiciary Exams MCQ


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20 Questions MCQ Test - Test: Rights and Duties of Pawnor and Pawnee

Test: Rights and Duties of Pawnor and Pawnee for Judiciary Exams 2024 is part of Judiciary Exams preparation. The Test: Rights and Duties of Pawnor and Pawnee questions and answers have been prepared according to the Judiciary Exams exam syllabus.The Test: Rights and Duties of Pawnor and Pawnee MCQs are made for Judiciary Exams 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Rights and Duties of Pawnor and Pawnee below.
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Test: Rights and Duties of Pawnor and Pawnee - Question 1
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What is the role of the pawnee in a pawning transaction?

Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 1
In a pawning transaction, the pawnee, also known as the lender or pawnbroker, plays the role of accepting the pledged item and providing the loan to the pawner. The pawnee holds the item as security until the borrower repays the loan in full, including any accrued interest. This role is crucial in ensuring the smooth functioning of the pawning process.
Test: Rights and Duties of Pawnor and Pawnee - Question 2
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What is the primary responsibility of the pawner in a pawning agreement?

Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 2
The primary responsibility of the pawner in a pawning agreement is to repay the borrowed sum along with any interest within a specified period. While the pawner offers the item as collateral to secure the loan, they maintain ownership of the pledged item while it is with the lender. Fulfilling this obligation is essential for the pawner to retrieve their pledged item.
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Test: Rights and Duties of Pawnor and Pawnee - Question 3
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What right entitles the pledgee to hold onto the pledged goods until the repayment of the loan, including interest owed and related costs, and allows for the enforcement of a specific lien on the merchandise?

Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 3
The right that entitles the pledgee to retain the pledged goods until the repayment of the loan, including interest owed and related costs, and allows for the enforcement of a specific lien on the merchandise is known as the "Right to Keep the Pledged Items" as per Section 173. This right grants the pledgee the authority to hold the goods until the debt is settled, ensuring their security until repayment is made.
Test: Rights and Duties of Pawnor and Pawnee - Question 4
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Under which right can the pledgee seek reimbursement for any extraordinary costs incurred in maintaining the pledged goods, without the ability to retain the goods themselves?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 4
The right that allows the pledgee to request reimbursement for any extraordinary costs incurred in maintaining the pledged goods, without the ability to retain the goods themselves, is termed the "Right to Claim Unusual Expenses" as per Section 175. This right enables the pledgee to recover expenses related to the upkeep of the pledged items, ensuring fair compensation for any extraordinary costs.
Test: Rights and Duties of Pawnor and Pawnee - Question 5
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What right does the pawnor have in case of an unauthorized sale of pledged goods?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 5
In cases of unauthorized sale, the pawnor retains the right to commence legal action to redeem the goods by settling the debt. This means that they have the opportunity to reclaim the pledged items once their obligations, such as repaying the loan, have been fulfilled.
Test: Rights and Duties of Pawnor and Pawnee - Question 6
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In what scenario can the pledgee acquire a valid title to the pledged items, even if the pledger's ownership of the goods is flawed but acquired under a reversible agreement?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 6
The pledgee can acquire a valid title to the pledged items under the "Right Against the True Owner" as per Section 178A if the pledger's ownership of the goods is flawed but acquired under a reversible agreement. In such cases, if the pledgee acts in good faith, they can retain a valid title to the pledged items, showcasing the legal protection provided to the pledgee in specific circumstances.
Test: Rights and Duties of Pawnor and Pawnee - Question 7
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What is the primary entitlement of the pawnee regarding the pledged goods until the debt is settled?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 7
The pawnee has the right to retain and keep hold of the pledged goods until the entire debt, including the principal amount, interest, and related expenses, is fully settled. This ensures that the pawnee maintains control over the goods until the debt obligation is met.
Test: Rights and Duties of Pawnor and Pawnee - Question 8
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What happens if the pawnor fails to meet their commitments within the agreed timeframe?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 8
If the pawnor fails to meet their commitments or repay the debt within the agreed timeframe, they can still redeem the pledged items before they are sold. However, the pawnor will be responsible for any costs incurred due to their default, ensuring that there is a mechanism for redemption even after a delay in repayment.
Test: Rights and Duties of Pawnor and Pawnee - Question 9
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What right entitles the pawnor to reclaim the pledged items once their obligations are fulfilled?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 9
The right that entitles the pawnor to reclaim the pledged items once they have fulfilled their obligations is the "Right to Receive Back the Products." This right ensures that once the loan and any associated interest are repaid, the pawnor can retrieve the pledged items.
Test: Rights and Duties of Pawnor and Pawnee - Question 10
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What is the primary right that a pawnee possesses in a pawn transaction, allowing them to take legal action to recover a debt while using the pledged goods as security?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 10
In a pawn transaction, the pawnee's right to suit enables them to initiate legal action to recover the debt while utilizing the pledged goods as security. This right grants them the ability to sue for the sale of the pledged items and to retrieve the owed funds, ensuring a legal recourse for the pawnee in case of default by the pawnor.
Test: Rights and Duties of Pawnor and Pawnee - Question 11
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What duty does the pawnor have in a pawn transaction regarding reimbursing the lender for any unusual costs incurred in maintaining the pledged items?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 11
The pawnor has a duty to reimburse the lender for any extraordinary expenses incurred in maintaining the pledged items. This includes covering unusual costs that the lender might have to bear, such as expenses related to the care of a pledged animal. By fulfilling this duty, the pawnor ensures that the lender is compensated for any additional financial burdens incurred during the pawn transaction.
Test: Rights and Duties of Pawnor and Pawnee - Question 12
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What is the pawnor's responsibility regarding the repayment of any unusual costs incurred in maintaining the pledged items?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 12
The pawnor is obligated to reimburse the lender for any extraordinary expenses related to the care or maintenance of the pledged items. This duty ensures that the lender is not burdened with additional costs beyond the initial agreement, maintaining a fair transaction between the parties involved.
Test: Rights and Duties of Pawnor and Pawnee - Question 13
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What does the duty to pay claims and damages entail for the pawnor in a pawn transaction?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 13
The duty to pay claims and damages requires the pawnor to inform the lender about any significant defects or risks related to the pledged items that could lead to harm or legal issues. If the lender faces losses or damages due to the pawnor's items, the pawnor is responsible for compensating the lender for these losses, ensuring accountability and protection for both parties involved.
Test: Rights and Duties of Pawnor and Pawnee - Question 14
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What is the primary purpose of the duty to indemnify the Pawnee in a pawn agreement?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 14
The duty to indemnify the Pawnee serves to safeguard the lender in case of losses resulting from issues related to the ownership or legal status of the pledged items. By undertaking this duty, the pawnor commits to compensating the lender for any losses incurred due to ownership disputes or legal complications, thereby providing a layer of protection and assurance in the pawn transaction.
Test: Rights and Duties of Pawnor and Pawnee - Question 15
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What is the primary responsibility of the pawnee regarding the pledged goods?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 15
The primary responsibility of the pawnee concerning the pledged goods is to ensure their safety and security, treating them as if they were their own belongings. This duty highlights the importance of safeguarding the pledged goods until they are returned to the pawnor. It is crucial for the pawnee to protect the integrity and condition of the goods throughout the duration of the pledge.
Test: Rights and Duties of Pawnor and Pawnee - Question 16
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What action must the pawnee take regarding any additional value that accrues to the pledged goods?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 16
When any additional value, such as offspring or improvements, accrues to the pledged goods, the pawnee is obligated to return this value to the pawnor when the goods are returned. This duty ensures that the pawnor receives not only the original pledged goods but also any benefits or added value that may have resulted from the pledge agreement.
Test: Rights and Duties of Pawnor and Pawnee - Question 17
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Why is it essential for the pawnee to keep the pledged goods separate from their personal belongings?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 17
It is crucial for the pawnee to keep the pledged goods separate from their personal belongings to avoid blending or mixing them together. By maintaining this separation, the pawnee can uphold the integrity of the pledged goods and prevent any confusion or commingling that could compromise the terms of the pledge agreement. This practice ensures clarity and accountability in handling the pledged goods.
Test: Rights and Duties of Pawnor and Pawnee - Question 18
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What is one of the key responsibilities of the pawnor in a pawn transaction?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 18
In a pawn transaction, one of the key responsibilities of the pawnor is to reimburse the standard and extraordinary expenses of the pawnee. This includes covering costs incurred by the pawnee in relation to holding and managing the pledged goods. By fulfilling this obligation, the pawnor ensures fair dealings and upholds their end of the agreement.
Test: Rights and Duties of Pawnor and Pawnee - Question 19
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What right does the pawnee have in a pawn transaction until the debt is fully paid?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 19
In a pawn transaction, the pawnee has the right to keep subsequent advances made by the same pawnor until the debt, including interest and expenses, is completely paid off. This right ensures that the pawnee has security and leverage in the transaction, allowing them to retain additional items pledged by the same individual until all financial obligations are met.
Test: Rights and Duties of Pawnor and Pawnee - Question 20
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What is a significant duty of the pawnee regarding the management of pledged goods in a pawn transaction?
Detailed Solution for Test: Rights and Duties of Pawnor and Pawnee - Question 20
A significant duty of the pawnee in managing pledged goods in a pawn transaction is to avoid unauthorized use of the goods. By ensuring that the pledged items are not used in a manner that goes beyond the terms of the agreement, the pawnee upholds the integrity of the transaction and protects the interests of both parties involved.
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