Where a suit instituted by an unregistered firm against a third party for enforcing its rights arising out of a contract, has been dismissed under section 69(2) of the Indian Partnership Act, 1932, a fresh suit on the same cause of action, after registration of the firm is
A. Barred by resjudicata
B. Maintainable only if the court while dismissing the earlier suit has granted the liberty to file a fresh one
C. Maintainable if within limitation
D. Maintainable only with the leave of the court
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Section 30(2) of the Indian Partnership Act, 1932, does not permits a minor admitted to the benefits of the firm to have
A. Access to, inspect and copy any of the accounts of the firm
B. Access to books of the firm which do not contain matters of accounts
C. Both (A) and (B)
D. Neither (A) nor (B)
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Section 16(a) of the Indian Partnership Act, 1932
A. Permits a partner to derive any profit for himself from the use of business connection of the firm
B. Prohibits a partner to device any profit for himself from the use of business connection of the firm
C. Partially permits and partially prohibits a partner to devive any profits for himself from the use of business connection of the firm
D. Either (B) or (C)
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The rights and duties of partners inter se can be regulated and varied by the consent of the partners by virtue of
A. Section 14of the Act
B. Section 13 of the Act
C. Section 12 of the Act
D. Section 11 of the Act
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It is necessary under section 45 of the Indian Partnership Act, 1932, that the public notice as to the dissolution of the firm, be given by
A. The firm and the partners separately
B. All the partners separately
C. Any of the partners
D. The majority of the partners separately
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Amended provisions of section 69 (Maharashtra Amendment Act, 1984) is . . . . . . . in operation
A. Retrospective
B. Prospective
C. Not retrospective
D. Not prospective
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Where a change occurs in the constitution of a firm and no new agreement is made
A. The ratio of profit sharing shall become equal for all the partners
B. The ratio of profit sharing shall remain the same to the extent to which it is consistent with the altered composition of the firm
C. The ratio of profit sharing shall change in the ratio of capital contributions
D. The ratio of profit sharing shall change in the ratio of personal efforts/labour input of the partners
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A suit for the dissolution of a firm on the ground of misconduct of a partner, under section 44(c) of the Act, can be instituted by
A. The partner who has misconducted himself only
B. Any partner including the one who has misconducted himself
C. Any partner other than the one who has misconducted himself
D. Only (B) is correct and not (A) or (C)
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Which of the following duties cannot be invalidated by the partners by making a contract to the contrary.
A. To carry on the business of the firm to the greatest common advantages
B. To indemnify the firm for any loss caused to it by fraud
C. To not to carry on any business other than that of the firm
D. Both A and B
Select an option to see the answer and solution.
The proviso to section 47 of the Indian Partnership Act, 1932
A. Affects the liability of the firm for the acts of any partner adjudicated an insolvent
B. Affects the liability of any person who represents himself as a partner of the insolvent
C. Does not affect the liability of any person who represents himself as a partner of the insolvent
D. Both (A) and (C)
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What is due to the transferee of a partner's interest in the firm, under the interest which he has acquired will be ascertained as it is
A. At the time of the transfer
B. At the time when the transferor ceases to be a partner
C. At the time agreed upon by the partners
D. Either (B) or (C)
Select an option to see the answer and solution.
Match
List I with
List II and select the correct answer using the given below:
List I (Duties of partners) List II (Relevant section under the Indian Partnership Act)
a. Duty of absolute good faith
1. Section 16(b)
b. Duty not to compete
2. Section 12(b) and 13(f)
c. Duty of due diligence
3. Section 10
d. Duty to indemnify for fraud
4. Section 9
A. a-1, b-4, c-2, d-3
B. a-4, b-1, c-2, d-3
C. a-4, b-1, c-3, d-2
D. a-2, b-3, c-1, d-4
Select an option to see the answer and solution.
Under the Indian Partnership Act, 1932, where the partnership is at will, the firm may be dissolved by any partner by giving notice in writing of his intention to:
A. All the other partners
B. Majority of the other partners
C. Anyone of the other partners
D. The registrar of firms
Select an option to see the answer and solution.
The distribution of surplus on dissolution of partnership
A. Does not amount to transfer of assets
B. Does amount to transfer of assets
C. Assets are not distributed on fdissolution
D. None of above
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Who is a dormant partner?
A. He is known to outsiders as a partner but does not take part in the management
B. He is not known to outsiders as a partner, does not take part in the management
C. He is known to outsiders as a partner and takes part in the management
D. He is not known to outsiders as a partner but takes part in the management
Select an option to see the answer and solution.
When a transferring partner ceases to be a partner in the firm or where the firm comes, to be dissolved, the transferee of the partner's interest in the firm is entitled to
A. Receive the share of the assets to which the selling partner was entitled
B. An account from the date of dissolution
C. Both (A) and (B)
D. Only (A) and not (B)
Select an option to see the answer and solution.
A right to participate in profits, although strong but not a conclusive test of partnership. It was so held in
A. Tellis v. Saldanha
B. Cox v. Hickman
C. Re: Stanton Iron Co.
D. Grace v. Smith
Select an option to see the answer and solution.
Where there is a subsisting contract between the partners as to dissolution,
A. The firm can be dissolved in accordance with that agreement only with the consent of all the partners
B. The firm can be dissolved in accordance with that agreement only with the consent of majority of the partners
C. The firm can be dissolved in accordance with that agreement even if all the partners are not willing to do so at the moment
D. Either (A) or (B)
Select an option to see the answer and solution.
The principles contained in section 37 of the Indian Partnership Act, 1932, are based on
A. The law of trust
B. The law of contract
C. And is the creation of law of partnership
D. Either (A) or (B) or (C)
Select an option to see the answer and solution.
According to Section 31 of the Act, a new partner can be introduced into an existing firm
A. With the consent of all the existing partners
B. With the consent of majority of the partners
C. Any partner can introduce any person as new partner without the consent of other partners
D. Either (A) or (B)
Select an option to see the answer and solution.
