61
According to Section 40 of the Indian Partnership Act, 1932 dissolution of a firm by agreement may be
A)
With the consent of all the partners
B)
In accordance with a contract between the partners
C)
Either (A) or (B)
D)
Neither (A) or (B)
Answer & Solution
Answer: Option
C
62
Section 20 of the Indian Partnership Act, 1932 provides for
A)
Extension of partner's implied authority by agreement between the partners
B)
Imposition of restrictions on the partner's implied authority by agreement between the parties
C)
Extension and restrictions on the partner's implied authority by agreement between the partners
D)
Only (A) and not (B)
Answer & Solution
Answer: Option
C
63
If a person who is minor according to the law to which he is subject is admitted to the benefits of a partnership, it is claimed that
A)
His share in the firm's property is not liable to the firm's debts
B)
He can sue the partners to show the accounts
C)
He can enjoy, for some time, the status of minority even after attaining majority
D)
He can sue the partners for payment of his share of profits of the firm
Answer & Solution
Answer: Option
C
64
In a firm, where a partnership is in respect of profits only but that which produces those profits belongs exclusively to one of the partners, under section 46 of the Indian Partnership Act, 1932
A)
The lien extends to the profits as well as to that which produces the profits
B)
The lien is confined to the profits and does not extend to that which produces the profits
C)
The lien neither extends to the profits nor to that which produces the profits
D)
Either (B) or (C)
Answer & Solution
Answer: Option
B
65
Under which Act alteration of partnership becomes mandatory to inform?
A)
Partnership Act
B)
Sale of Goods Act
C)
Maharashtra Amendment Act
D)
None of the above
Answer & Solution
Answer: Option
C
66
The question whether or not there has been the representation of the type as is contemplated by the doctrine of holding out is a
A)
Question of fact
B)
Question of law
C)
Mixed question of fact & law
D)
Only (A) and not (B) or (C)
Answer & Solution
Answer: Option
C
67
The legal effect of the rule of facit relocation is that
A)
All the stipulations and conditions of the original contract come to an end with the end of the contract and cannot be implied terms of the renewal contract
B)
All the stipulations and conditions of the original contract remain in force and are implied term of the renewal contract
C)
All the stipulation and conditions of the original contract remain in force, in so far as these are not inconsistent with any implied term of the renewal contract
D)
Either (A) or (C)
Answer & Solution
Answer: Option
C
68
Section 24 of the Indian Partnership Act, 1932, provides for
A)
Effect of admission by a partner on the firm
B)
Effect of representations by a partner on the firm
C)
Effect of notice to a partner on the firm
D)
Both (A) and (C)
Answer & Solution
Answer: Option
C
69
'Public Notice' of retirement of a partner from the firm, is required to be given by
A)
The retired partner
B)
The firm
C)
Both the retired partner and the firm
D)
Either the retired partner or the firm
Answer & Solution
Answer: Option
D
70
The status of a partner who has been expelled is that of
A)
An existing dormant partner
B)
An insolvent partner
C)
A retired partner
D)
Either (A) or (C)
Answer & Solution
Answer: Option
C
