Indian Partnership Act MCQ question and answer | Law MCQ question Page-1 section-3

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7

1.
The application/statement for registration of a firm, under section 58 of the Indian Partnership Act, 1932

A. Has to be signed by all the partners

B. Has to be signed by a majority of partners

C. Has to be signed by the managing partner

D. Either (A) or (B) or (C)

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2.
The liability, under section 25 of the Indian Partnership Act, 1932, is fastened on the partner, for the acts of the firm, done

A. Before the partner joined the partnership, if the liability is qualified while he was a partner

B. While he is a partner

C. After the retirement of the partner

D. All the above

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3.
A partner ceases to be a partner

A. By retirement

B. By expulsion

C. By insolvency

D. By Death

E. All of the above

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4.
A 'notice' under section 43 of the Act

A. Must be in writing which may be vague

B. Must be in writing which may be ambiguous

C. Must be in writing, factual, explicitand final

D. Either (A) or (B) or (C)

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5.
The liability of a person introduced in the partnership, under section 31(2) of the Act

A. Is for pre-existing debts of the firm

B. Commences from the date of his admission

C. Depends on the agreement between the partners

D. Is for the pre-existing debts as well as the one contracted after his admission

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6.
The rate of interest prescribed under section 13, where a partner, advances money beyond the amount of capital, for the business of the partnership, is

A. Six percent

B. Nine percent

C. Twelve percent

D. Fifteen percent

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7.
Section 22 of the Indian Partnership Act, 1932 requires that the partner contracting for the firm must

A. Expressly inform the other party that he intends to act for the firm

B. Impliedly inform the other party that he intends to act for the firm

C. Either (A) or (B)

D. Only (A) and not (B)

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8.
Liability on holding out is incurred where

A. A person has the knowledge of the representation

B. A person has acted on the faith of that representation

C. Both (A) and (B)

D. Either (A) or (B)

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9.
Clause (e) of section 44 of the Indian Partnership Act, 1932, covers cases of

A. Voluntary transfer of his interest in the partnership, by a partner

B. Involuntary transfer of his interest in the partnership by a partner

C. Both (A) and (B)

D. Neither (A) or (B)

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10.
Which of the following is the duty of a partner?
1. Duty of absolute good faith
2. Duty to render the true account
3. Duty not to compete
4. Proper use of property

A. 1, 2 and 4

B. 2, 3 and 4

C. 1 and 3

D. All of the above

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Indian Partnership Act MCQ question and answer | Law MCQ question

1. The application/statement for registration of a firm, under section 58 of the Indian Partnership Act, 1932

Answer & Solution

2. The liability, under section 25 of the Indian Partnership Act, 1932, is fastened on the partner, for the acts of the firm, done

Answer & Solution

3. A partner ceases to be a partner

Answer & Solution

4. A 'notice' under section 43 of the Act

Answer & Solution

5. The liability of a person introduced in the partnership, under section 31(2) of the Act

Answer & Solution

6. The rate of interest prescribed under section 13, where a partner, advances money beyond the amount of capital, for the business of the partnership, is

Answer & Solution

7. Section 22 of the Indian Partnership Act, 1932 requires that the partner contracting for the firm must

Answer & Solution

8. Liability on holding out is incurred where

Answer & Solution

9. Clause (e) of section 44 of the Indian Partnership Act, 1932, covers cases of

Answer & Solution

10. Which of the following is the duty of a partner? 1. Duty of absolute good faith 2. Duty to render the true account 3. Duty not to compete 4. Proper use of property

Answer & Solution

Read More Section(Indian Partnership Act)

1.
The application/statement for registration of a firm, under section 58 of the Indian Partnership Act, 1932

2.
The liability, under section 25 of the Indian Partnership Act, 1932, is fastened on the partner, for the acts of the firm, done

3.
A partner ceases to be a partner

4.
A 'notice' under section 43 of the Act

5.
The liability of a person introduced in the partnership, under section 31(2) of the Act

6.
The rate of interest prescribed under section 13, where a partner, advances money beyond the amount of capital, for the business of the partnership, is

7.
Section 22 of the Indian Partnership Act, 1932 requires that the partner contracting for the firm must

8.
Liability on holding out is incurred where

9.
Clause (e) of section 44 of the Indian Partnership Act, 1932, covers cases of

10.
Which of the following is the duty of a partner?
1. Duty of absolute good faith
2. Duty to render the true account
3. Duty not to compete
4. Proper use of property