Indian Partnership Act MCQ question and answer

11

Where a partnership is dissolved by the death of a partner, in the absence of a provision expressly meant and clearly implied, a legal representative of the deceased partner is

A) Entitled to a share in the goodwill B) Entitled to a share in the goodwill only with the consent of all other partners C) Not entitled to a share in the goodwill at all D) Entitled to a share in the goodwill only if the court so directs

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Answer & Solution

Answer: Option A

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12

Alterations in partnership deeds are to be brought to notice of

A) Sleeping partners B) Registrar of Firms C) Retired partners D) None of the above

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Answer & Solution

Answer: Option B

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13

Which of the following Sections defines the doctrine of holding out, creating the liability of a 'Non-partner' under Indian Partnership Act?

A) Section 28 B) Section 29 C) Section 30 D) Section 31

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Answer & Solution

Answer: Option A

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14

In a suit for partnership accounts, all the partners and the legal representatives should be made parties and if a party is added after the ban of limitation

A) The suit shall be barred against that party only B) The suit will be barred against all the parties C) The suit shall continue against that party as well and the bar of limitation shall not operate D) The suit will continue against the already impleaded parties

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Answer & Solution

Answer: Option B

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15

The position of a minor is provided under

A) Section 28 B) Section 30 C) Section 31 D) Section 32

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Answer & Solution

Answer: Option B

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16

A Partner of an unregistered Firm cannot sue the Firm or any other Partner of the Firm to enforce a right:

A) A rising from a contract B) Conferred by the Partnership Act C) Either (A) or (B) D) Both (A) and (B)

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Answer & Solution

Answer: Option D

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17

Where the firm is not dissolved by the death of a partner, under section 35 of the Indian Partnership Act, 1932

A) The estate of the deceased partner is not liable for any act of the firm done after his death B) The estate of the deceased partner is liable for the acts of the firm done after his death C) The estate of the deceased partner is liable for acts of the firm which are within the implied authority of the partner D) The estate of the deceased partner may or may not be liable for the acts of the firm depending on the contract between the partners

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Answer & Solution

Answer: Option A

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18

Section 23 of the Indian Partnership Act, 1932 provides that an admission made by a partner is an evidence

A) Against the partner B) Against the firm C) Against the managing partner D) All the above

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Answer & Solution

Answer: Option B

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19

The principle of joint and several liability signifies that for every act of the firm, a partner can be sued

A) Individually B) Jointly with other co-partners C) Either (A) or (B) D) Only (B) and not (A)

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Answer & Solution

Answer: Option C

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20

A, B and C enter into an agreement for partnership at will. The partnership deed contains the following provisions. Which one of the following provisions of the deed is inconsistent with partnership at will?

A) That there will be option for a surviving partner to purchase a deceased partner's share at a fixed valuation B) That disputes between the partners, if any, shall be referred to arbitration C) That every partner will have a power to nominate his successor D) That if any partner wants to retire from partnership, notice of a certain fixed time will be required before retirement

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Answer & Solution

Answer: Option D

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Indian Partnership Act MCQ question and answer | Law MCQ question