Indian Partnership Act MCQ question and answer

41

The term 'goodwill' is a thing easy to describe but very difficult to define, is stated by

A) Lord Herschell B) Lord Heldaene C) Lord Macnaughten D) Lord Eldon

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Answer & Solution

Answer: Option C

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42

The relation of partnership arises from

A) Contract B) Status C) Understanding D) All of these

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Answer & Solution

Answer: Option A

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43

A partnership can be

A) A general partnership B) A particular partnership C) Either (A) or (B) D) Only (A) and not (B)

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Answer: Option C

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44

A notice of dissolution of a firm under section 43 of the Act, once served

A) Cannot be withdrawn at all B) Can be withdrawn at any time as a matter of right unilaterally C) Can be withdrawn only with the consent of those upon whom it was served D) Either (B) or (C)

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Answer: Option C

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45

Under section 13(b) of the Indian Partnership Act, 1932 all the partners are entitled to

A) Share the profits and losses in the ratio of their capital contributions B) Share the profits and losses equally irrespective of any agreement between them to the contrary C) Share the profits and losses equally in the absence of any agreement to the contrary between them D) Share the profits and losses in the ratio of their personal efforts input

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Answer & Solution

Answer: Option C

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46

A retiring partner can treat his new business as

A) Connected with the old firm B) An extension or a branch of the old firm C) Unconnected with the old firm and not an extension or a branch of the old firm D) Connected with the old firm and an extension or a branch of the old firm

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Answer & Solution

Answer: Option C

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47

In India, the liability of a partner is joint and several In

A) Contracts B) Torts C) Contracts and torts D) None of the above

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Answer: Option C

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48

Chapter 5 of the Indian Partnership Act, 1932 deals with

A) Dissolution of the firm B) Incoming and outgoing partners C) Registration of firms D) Supplemental

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Answer & Solution

Answer: Option B

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49

Where under a partnership agreement the goodwill belongs to a partner, after the dissolution, the goodwill

A) Shall belong to all the partners and everyone has a share in the goodwill B) Shall belong to the same partner and he shall be in the same position as the buyer of the goodwill C) Shall not belong to any of the partners D) Shall belong to the partner having the highest contribution

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Answer & Solution

Answer: Option B

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50

A partnership is partnership at will

A) When no provision is made for duration of partnership B) When no provision is made for determination of partnership C) Both (A) and (B) are true D) Either (A) or (B) is true

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Answer: Option D

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Indian Partnership Act MCQ question and answer | Law MCQ question