Indian Partnership Act MCQ question and answer

51

Bar of non-registration of firm under section . . . . . . . . . of Partnership Act does not affect maintainability of petition under section 9 of Arbitration and Conciliation Act

A) 69 B) 64 C) 62 D) 61

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Answer & Solution

Answer: Option A

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52

Which of the following terms of the original contract do not apply to the partnership continued after the expiration of the original term

A) A clause giving one partner an option of buying the other's share within three months after the expiration of the partnership by efflux of time B) A clause providing for arbitration for resolution of disputes C) A clause empowering either partner, if the other neglects the business, to dissolve the partner-ship by notice and purchase his share at a valuation D) All the above

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Answer & Solution

Answer: Option C

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53

Can a family business carried on by an undivided Hindu family be called partnership?

A) Yes it is a partnership as all the members of the family are its members B) Yes it is partnership if the intention is to do cooperative business C) Yes as they are related to each other D) No as the business is not an outcome of an agreement

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Answer: Option D

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54

Section 16 of the Indian Partnership Act states the

A) Duties of the partners B) Rights of the partners C) Privileges of the partners D) All the above

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Answer & Solution

Answer: Option A

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55

For the purposes of section 44(f) of the Indian Partnership Act, 1932, the loss must be attributable to

A) Any inherent defect in the business B) The mismanagement C) Either (A) or (B) D) Both (A) and (B)

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Answer: Option A

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56

Dissolution of a firm can be carried by

A) Expiry of the term for which it was constituted B) Adjudication of a partner as an insolvent C) Death of a partner D) All of these

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Answer: Option D

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57

Where an individual is a common partner in two firms

A) No action can be brought by one firm against the other upon any transaction between them so long as that individual continues to be a common partner B) An action can be brought by one firm against the other upon any transaction between them even though that individual continues to be a common partner C) An action can be brought by one firm against other firm upon any transaction between them but the common partner shall not be arrayed as a defendant D) An action can be brought by one firm against other firm upon any transaction between them but the common partner shall be excluded from participating in the proceedings

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Answer & Solution

Answer: Option A

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58

Under section 30 of the Indian Partnership Act, 1932, a minor can be admitted to the benefits of the partnership

A) With the consent of all the partners B) With the majority decision of the partners C) By any of the partners without the consent of other partners D) By the managing partner without the consent of other partners

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Answer & Solution

Answer: Option A

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59

A partner cannot acquire or transfer immovable property on behalf of the firm. However such an act can be done by a partner.

A) If he has been expressly authorized by the other copartner B) If there is usage or custom of trade permitting him to do the same C) With the consent of majority of the partners D) Either (A) or (B)

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Answer & Solution

Answer: Option C

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60

Section 32 of the Indian Partnership Act, 1932, prescribes

A) One mode of retirement of a partner B) Three modes of retirement of a partner C) Five modes of retirement of a partner D) Two modes of retirement of a partner

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Answer & Solution

Answer: Option B

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Indian Partnership Act MCQ question and answer | Law MCQ question