Indian Partnership Act MCQ question and answer

71

Under section 45 of the Indian Partnership Act, 1932, if no public notice of the dissolution of the firm is given and a partner contracts in the name of the firm, which would have been within the implied authority of the partner

A) Only that partner will be liable who has entered into the contract B) That partner and all his co-partners shall be liable C) Only the other co-partners shall be liable D) Neither that partner nor his co-partners shall be liable

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Answer & Solution

Answer: Option B

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72

Section 36(2) of the Indian Partnership Act, 1932

A) Authorises the partners to alter the statutory scheme prescribed under section 36(1) of the Act, by agreement B) Prohibits the partners to alter the statutory scheme prescribed under section 36(1) of the Act by agreement C) Authorises the partners to alter the statutory scheme prescribed under section 36(1) of the Act, particularly only, by agreement D) Either (B) or (C)

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Answer & Solution

Answer: Option A

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73

Ordinarily, on the overdrawings by the partners from the firm

A) No interest is chargeable B) Interest is chargeable @ 6% p.a. C) Interest is chargeable @ 9% p.a. D) Interest is chargeable @ 12% p.a.

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Answer & Solution

Answer: Option A

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74

Under section 11 of the Indian Partnership Act, 1932, in case of any conflict between the provision of the Act and the articles of the agreement, the articles of the agreement with it, will be

A) Valid B) Invalid C) Voidable at the instance of any of the partner D) Viodable at the instance of a third party

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Answer & Solution

Answer: Option B

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75

The liability under section 28 of the Indian Partnership Act, 1932, depends on

A) Estoppel B) Contract between apparent partners C) Either (A) or (B) D) Neither (A) nor (B)

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Answer & Solution

Answer: Option A

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76

Section 50 of the Indian Partnership Act, 1932, applies in a case where the firm is dissolved on account of

A) Retirement of a partner B) Death of a partner C) Adjudication of a partner as insolvent D) All the above

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Answer & Solution

Answer: Option B

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77

After selling the goodwill of the firm under section 55(2) of the Indian Partnership Act, 1932, a partner

A) Can carry on a business competing with that of the buyer B) Cannot carry on a business competing with that of a buyer C) Can use the firm name D) Either (A) or (C)

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Answer & Solution

Answer: Option A

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78

Section 44 of the Indian Partnership Act, 1932, prescribes

A) Nine grounds of dissolution of a firm by court B) Seven grounds of dissolution of a firm by court C) Five grounds of dissolution of a firm by court D) Four grounds of dissolution of a firm by court

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Answer & Solution

Answer: Option B

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79

. . . . . . . . is not absolved of his liability

A) A sleeping partner B) An outgoing partner C) A retired partner D) None of the above

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Answer & Solution

Answer: Option B

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80

A partner of an unregistered firm cannot sue:

A) For enforcing a right under the Partnership Act B) For enforcing a right arising out of the partnership contract C) For dissolution of Partnership Firm D) Both (A) and (B)

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Answer & Solution

Answer: Option D

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Indian Partnership Act MCQ question and answer | Law MCQ question