Under section 37(2) of the Indian Partnership Act, 1932, on exercise of option to purchase the share of the outgoing partner under an agreement between the partners resulting in the right of the outgoing partner to receive the share of profits or interest on the unpaid capital to cease, such right of the outgoing partner
A. Can be revised at the option of the outgoing partner at any time
B. Can be revived in case default is made by the opting partners in fulfilling the terms of the agreement
C. Cannot be revised under any circumstances
D. Either (A) or (B)
Answer: Option B
Section 25 of the Indian Partnership Act, 1932, provides for
A. Liability of the firm for the acts of a partner
B. Liability of a partner for the acts of the firm
C. Liability of the firm for the wrongful acts of a partner
D. Rights of a partner
Where a partner is entitled to interest on the capital subscribed, such interest is payable
A. Out of profits only
B. Out of capital if no profits
C. Out of capital if losses
D. Either (A) or (B) or (C)
Section 44(g) of the Indian Partnership Act, 1932, is to be regarded as
A. Independent of section 44(a) to 44(f) of the Act
B. Ejusdem generis with sections 44(a) to 44(f) of the Act
C. Either (A) or (B)
D. Only (A) and not (B)
A. Suit in respect of any transaction which forms an item of the partnership account
B. Suit for money lent by him to a firm of which he is a member
C. Suit for contributions in respect of moneys borrowed by him under an express agreement with them for the purposes of partnership
D. All the above
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