Section 25 of the Indian Partnership Act, 1932, is declaratory of
A. The general principle of the liability of the partners to the third parties
B. The general principles of the liability of the partners inter se
C. The general principles of rights and liabilities of the partners to the third parties
D. The general principles of the rights and liabilities of partners inter se
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An unauthorized compromise or relinquishment of any claim by a partner can be questioned by
A. The other partner(s)
B. A third party
C. Both (A) and (B)
D. Either (A) or (B)
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The status of a partner, making advances to the firm for its business, over and above the capital subscribed, is that of
A. A partner of the firm
B. A creditor of the firm
C. An employee of the firm
D. Both (A) and (B)
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A partner has a right to examine the account books etc., of the firm
A. Himself
B. Through legal representatives
C. Through agent
D. Either (A) or (B) or (C)
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"Under the Indian Partnership Act, 1932, a partnership is considered as the extension of the law of agency."
The statement is
A. Totally wrong
B. Partially wrong
C. Partially correct
D. Totally correct
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The requirement of 'Public Notice' of retirement of partner is in the case of
A. Active partner
B. Dormant partner
C. Both A and B
D. Neither (A) nor (B)
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Where the arbitration clause in a partnership agreement provides that the question whether the partnership should be dissolved, is to be decided by the arbitrator, a suit for dissolution of partnership under section 44(g) of the Act
A. The suit is liable to be stayed
B. The court has the discretion to stay or not to stay the suit
C. It is mandatory for the court to stay the suit
D. Either (A) or (C)
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An act done by a partner on behalf of the firm beyond the implied authority
A. Can be ratified expressly
B. Can be ratified impliedly by conduct
C. Either (A) or (B)
D. Neither (A) nor (B)
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In the absence of any contract between the partners with regard to their mutual rights and liabilities, the mutual rights & liabilities of partners would be as give under
A. Section 12 to 17
B. Section 17 to 22
C. Section 22 to 27
D. Section none of the above
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Under Indian Partnership Act, 1932, a partnership does not work under the principle of . . . . . . .
A. Greatest Common Advantage
B. Good Faith
C. Due Diligence
D. Limited liability
E. None of these
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Who said these word "Every partner is an agent of the partnership and his rights powers duties and obligations are in many respects governed by the same rules and principles as those of an agent; a partner virtually embraces the character of both a principal and an agent".
A. Lord Wensleydale
B. Mr. Justice Story
C. Pollock
D. Saimond
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In order to invoke the power of the court under section 44(d) of the Act, the alleged violation of the articles of contract of partnership, on the part of a partner
A. Must be of substantial nature
B. May be of trifling nature
C. May be a partnership squable
D. Either (A) or (B) or (C)
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Limited liability partnership and a partnership firm are the same but just governed by different statutes
A. The above statement is absolutely correct
B. The above statement is partially correct
C. The above statement is absolutely incorrect
D. The above statement is partially incorrect
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A partnership firm is:
A. A distinct legal entity from its partners
B. An independent juristic person
C. An agent of its partners
D. None of the above
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The permanent incapacity of a partner under section 44(b) of the Act
A. Must be due to illness-mental or physical
B. Must be due to disablement of any kind
C. May be due to illness or disablement of any kind
D. Only (B) and not (A)
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When a transferee of a partner's interest in the firm, pays off a partnership debt, without the consent of the other partners but for the benefit of the partnership firm, he is
A. Entitled to the contribution for the same from the partners
B. Entitled to be indemnified by the firm under section 13 of the Act
C. Either (A) or (B)
D. Neither (A) nor (B)
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In partnership, partners liabilities are
A. Unlimited
B. Limited to the capital of the business
C. Limited
D. Both A and C
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Dissolution of a firm means
A. The dissolution of partnership between some of the partners of a firm
B. The dissolution of partnership between two or more partners of a firm
C. The dissolution of partnership between all the partners of the firm
D. All above
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The rights of a partner entitled to rescind a contract of partnership on the ground of fraud or misrepresentation have been prescribed under
A. Section 54 of the Act
B. Section 53 of the Act
C. Section 52 of the Act
D. Section 51 of the Act
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Rights of transferee of a partner's interest have been dealt with under
A. Section 30 of the Act
B. Section 31 of the Act
C. Section 28 of the Act
D. Section 29 of the Act
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