Which of the following is not a mode of dissolution of firm under Indian Partnership Act, 1932?
A. Dissolution by agreement
B. Compulsory dissolution
C. Dissolution by Registrar
D. Dissolution by Court
E. None of the above
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Under Section 25 of the Indian Partnership Act, 1932 the liability of the partners for the acts of the firm is:
A. Joint and several
B. Several
C. Joint or several
D. Joint
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Where the name of the firm and that of an individual partner of the firm is identical, the presumption is
A. In favour of the liability of the individual partner
B. In favour of the liability of the firm
C. In favour of the liability of the individual partner whose name is identical with that of the firm
D. Neither (A) nor (B)
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The concept of partnership commensurate with
A. Principal and agent
B. Co-owners of property
C. Joint owners of property
D. All the above
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Sub-section (3) of section 32 of the Indian Partnership Act, 1932, requires that the retirement of a partner should be made known through
A. Notice to third parties specifically
B. Public notice
C. Notice to the partners
D. Either (A) or (B) or (C)
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The court is empowered to order dissolution of a firm where it is just and equitable to dissolve the firm, under
A. Section 14(g) of the Act
B. Section 14(f) of the Act
C. Section 14(e) of the Act
D. Section 14(d) of the Act
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Where an established partnership business is continued, without any further contract between the parties, after the death of one of the partners, the same shall be governed by
A. Section 13 of the Act
B. Section 17 of the Act
C. Section 13 and section 17
D. Section 16 of the Act
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Which types of partnership have no agreement in terms of the duration of partnership?
A. Partnership-at-will
B. Limited partnership
C. General partnership
D. Particular partnership
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Section 21 of the Indian Partnership Act, 1932 purports to
A. Extend the authority of a partner in emergency
B. Restrict the authority of a partner in emergency
C. Extend and restrict both, the authority of a partner in emergency
D. Either (A) or (B)
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A partner may retire
A. With the consent of all the partners
B. In accordance with an express agreement by the partners
C. Where the partnership is at will by giving notice in writing to all other partners of his intention to retire
D. Either (A) or (B) or (C)
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Under section 44(c) of the Indian Partnership Act, 1932, the misconduct of a partner to order dissolution of a firm must be
A. Such which is likely to affect the business prospects of the firm
B. The one connected with the business of the firm
C. Both (A) and (B)
D. Either (A) or (B)
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The most important feature of a 'partnership at will' is:
A. Sharing of losses
B. Registration not needed
C. Easy dissolubility
D. Utmost Transparency
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In which of the following cases a Set Off can be claimed?
A. A' owes the partnership firm of 'B' & 'C' Rs. 1000. 'B' dies leaving 'C' surviving. 'A' sues. 'C' for a debt of Rs. 1500 due in his separate character. 'C' wants to set off the debt of Rs. 1000
B. 'A' sues 'B' for Rs. 20,000. 'B' wants to set off the claim for damages for breach of contract for specific performance
C. Both 'A' and 'B'
D. None of the above
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A firm consists of X, Y and Z. A who is not a partner, makes a representation to B that he is also a partner and on the faith of this representation B gives credit to the firm.
A. B can make A liable on the basis of holding out
B. A is estopped from denying that he is a partner in the firm
C. X, Y and Z will be liable for A's act
D. Both A and B
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The type of dissolution described under section 42 of the Indian Partnership Act, 1932, is
A. Contingent dissolution
B. Compulsory dissolution
C. Dissolution by the court
D. Dissolution by notice
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The property of the firm includes all property
A. Acquired by or for the firm
B. For the purposes or in the course of business of the firm
C. Property purchase with money belonging to the firm
D. All the above
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The provision related to the liability of a firm for the wrongful acts of for the torts is contained
A. Under section 26
B. Under section 28
C. Under section 30
D. Under section 29
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The scope of the apparent authority of a partner is
A. The same as implied authority
B. Wider than the implied authority
C. Narrower than the implied authority
D. Either (A) or (C)
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If several persons are partners in a firm and one of them agrees to share the profits devised by him with a stranger, the agreement, as per the law laid down in Murlidhar v. I. T. Commissioner, AIR 1967 SC 383,
A. Makes the stranger a partner in the original firm
B. Does not make the stranger a partner in the original firm
C. Makes the stranger a partner in the original firm for limited purposes
D. Makes the stranger a partner in the original firm in case of losses
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Registration of Firm does not create Partnership, but is only the evidence of Partnership:
A. True
B. Partly True
C. False
D. Partly False
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