41
Where a retiring partner has agreed with his co-partners, under which he is released from liability for outstanding debts, his liability to the creditors
A)
Comes to an end
B)
Still remains
C)
Partly comes to an end and partly remains
D)
Either (B) or (C)
Answer & Solution
Answer: Option
B
42
Under the scheme of section 36 of the Indian Partnership Act, 1932, an outgoing partner, in the absence of any agreement to the contrary, has
A)
A right to carry on business competing with that of the firm
B)
A right to use the firm name
C)
Both (A) and (B)
D)
Either (A) or (B)
Answer & Solution
Answer: Option
A
43
A creditor of a partnership firm, cannot demand the dues of the firm, from
A)
The firm or all or any of the partners
B)
The transferee of a partner's interest in the firm
C)
Both (A) and (B)
D)
Neither (A) nor (B)
Answer & Solution
Answer: Option
B
44
As per Section 5 of the Indian Partnership Act, the relationship of partnership is created by:
A)
Status
B)
Contract
C)
Statute
D)
None of the above
Answer & Solution
Answer: Option
B
45
The doctrine of holding out is a branch of
A)
Law of estoppels
B)
Doctrine of election
C)
Both A and B
D)
Either (A) or (B)
Answer & Solution
Answer: Option
A
46
A partnership firm . . . . . . . from a proprietary concern owned by an individual
A)
Is independent
B)
Differs
C)
Is subordinated
D)
None of the above
Answer & Solution
Answer: Option
B
47
An illegal partnership
A)
Can sue
B)
Can be sued
C)
Cannot be sued
D)
Can sue and be sued
Answer & Solution
Answer: Option
B
48
Which kind of partnership one partner has unlimited liability and other partner have limited liability?
A)
Partnership-at-will
B)
Limited partnership
C)
General partnership
D)
Particular partnership
Answer & Solution
Answer: Option
B
49
Whether reference application to appoint arbitrator for taking partnership accounts can be converted into a suit for dissolution of partnership?
A)
Yes
B)
No
C)
Conditional
D)
Exceptional
Answer & Solution
Answer: Option
B
50
A retiring partner having purchased his release from the remaining partners
A)
Is liable for the tort or some other wrong committed at the time when he was a member only if the action is instituted before his retirement
B)
Is liable for the tort or some other wrong committed at the time when he was a partner, if the action is instituted and decided before his retirement
C)
Is liable for the tort or some other wrong committed at the time when he was a partner, irrespective of whether the action is instituted before or after his retirement
D)
Is not liable for the tort or some other wrong committed at the time when he was a member having purchased his release from the remaining partners
Answer & Solution
Answer: Option
C
