Indian Partnership Act MCQ question and answer

71

In which of the following case, the firm cannot be held liable

A) Where a firm received the sale proceeds of a customer's stock sold by a partner without the customer's consent B) Where a partner of a firm of solicitors received money from a client for investment on a specific security and misappropriated it C) Where a partner of a firm of solicitors received money from a client for investment generally at his discretion and misappropriates it D) All the above

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Answer & Solution

Answer: Option C

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72

Which of the following is not a condition precedent for filing a suit u/s 69 of the Partnership Act?

A) The firm should be registered B) Person suing should be shown as a partner in the register of firms C) The enforcement of a right arising from contract or conferred by the Act D) The enforcement of any statutory right

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Answer & Solution

Answer: Option D

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73

A dissolution of a firm can be claimed under Section 44(e) of the Indian Partnership Act, where a partner has transferred his interest in the partnership firm to

A) A partner B) A third party C) All the partners D) None of the above

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Answer & Solution

Answer: Option B

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74

The burden of proof that the minor who was admitted to the benefits of partnership, was not so aware, for the purposes of exercising option under section 30(5) of the Act, is on

A) The minor exercising the option on attaining the majority or the guardian of the minor B) The partners of the firm C) The creditor seeking recovery of partnership dues D) Either (A) or (B)

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Answer & Solution

Answer: Option A

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75

Under section 44(d) of the Indian Partnership Act, 1932, the wilful and persistent breach of agreement on the part of a partner must relate to the

A) Express contract between the partners B) Implied duties and obligations C) Only (A) and not (B) D) Either (A) or (B)

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Answer & Solution

Answer: Option D

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76

Under section 16(b) of the Indian Partnership Act, 1932 a partner is accountable for the profits, to the firm, of a business carried on by him which is

A) Of the same nature as that of the firm but not competing with the firm B) Competing with that of the firm C) Either (A) or (B) D) Only (A) and not (B)

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Answer & Solution

Answer: Option B

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77

What type of agreement is used to form a partnership business?

A) Written agreement B) Oral agreement C) Written or oral agreement D) None of them

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Answer & Solution

Answer: Option C

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78

According to Section 42 a firm can be dissolved on

A) The expiry of the partnership term or completion of the adventure B) Death of the partner C) Insolvency of a partner D) All of the above

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Answer & Solution

Answer: Option D

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79

Which of the following is not an essential feature of partnership?

A) Result of an agreement B) Organised to carry on business C) Carried on by all or any of them acting for all D) Separate legal entity

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Answer & Solution

Answer: Option D

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80

A partner has no implied authority

A) To enter into a partnership with other persons in another business B) To borrow money in caseof commercial firm C) Either (A) or (B) D) Neither (A) nor (B)

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Answer & Solution

Answer: Option A

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Indian Partnership Act MCQ question and answer | Law MCQ question