Indian Partnership Act MCQ question and answer | Law MCQ question Page-4 section-4

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

31.
A dormant partner is one who is

A. Not interested in the business of the firm

B. Not liable to outsider

C. Entitled to share profits only

D. Neither active nor known to outsiders

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32.
Minor can be admitted to the benefits of the firm

A. With the consent of all the existing creditors of the firm

B. With the consent of all the partners

C. With the consent of the guardian of such minor

D. All of these

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33.
A partner cannot contract himself out of which of the following duties?
(1) Duty of utmost good faith, i.e. uberrimae fidei.
(2) Duty of carry on business to greatest common advantage.
(3) Duty to render true accounts and full information.
(4) Duty to indemnify for fraud.
(5) Duty to indemnify for willful neglect.
(6) Duty to properly use the firm's property.

A. (1), (2), (3) and (6)

B. (1), (2), (4) and (5)

C. (1), (2), (3) and (5)

D. (1), (2), (4) and (6)

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34.
The Indian Partnership Act, 1932 provides for and recognises

A. Partnerships for a specified and fixed period

B. Partnerships for a specified and fixed venture

C. Both (A) and (B)

D. Only (A) and not (B)

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35.
A partnership in which the number of partners exceeds than that allowed under section 11 of the Indian Companies Act, shall be

A. Valid

B. Voidable at the instance of any of the partners

C. Voidable at the instance of third parties

D. Illegal

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36.
Identify the correct statement with respect to the Law of Partnership?

A. Though registration of the Partnership is not mandatory, registration of the Partnership deed is essential

B. The Limited Liability Partnership is part of the Indian Partnership Act, 1932

C. The existence of a partnership can only be determined by the partnership deed

D. Unless there is a contract to the contrary, death of a partner will automatically lead to the dissolution of the partnership

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37.
Read Assertion (A) and Reason (R) and answer using given below:
Assertion (A): Partner of an erstwhile unregistered partnership firm can bring a suit to enforce a right arising out of a contract falling within the ambit of Section 69 of the Indian Partnership Act.
Reason (R): Because Judgement in case of Loonkaran Sethia v. Ivan E. John laid down above judicial principle.

A. Both (A) and (R) are correct and (C) is correct reason for (A)

B. Both (A) and (R) are wrong

C. (A) is right, but (R) is wrong

D. (A) is wrong, but (R) is right

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38.
On dissolution, the business firm which the partners have founded

A. Must necessarily abolish

B. May remain and survive

C. May carryon business

D. Both (B) and (C)

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39.
A firm is liable to be compulsorily dissolved under Section 41 of the Indian Partnership Act on adjudication of

A. All the partners as insolvents

B. All but one of the partners as insolvents

C. Either (A) or (B)

D. Neither (A) nor (B)

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40.
Which of the following sections of the Indian Partnership Act bestows every partner with the authority of an agent?

A. Section 17

B. Section 18

C. Section 19

D. Section 20

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Indian Partnership Act MCQ question and answer | Law MCQ question

31. A dormant partner is one who is

Answer & Solution

32. Minor can be admitted to the benefits of the firm

Answer & Solution

Answer & Solution

34. The Indian Partnership Act, 1932 provides for and recognises

Answer & Solution

35. A partnership in which the number of partners exceeds than that allowed under section 11 of the Indian Companies Act, shall be

Answer & Solution

36. Identify the correct statement with respect to the Law of Partnership?

Answer & Solution

Answer & Solution

38. On dissolution, the business firm which the partners have founded

Answer & Solution

39. A firm is liable to be compulsorily dissolved under Section 41 of the Indian Partnership Act on adjudication of

Answer & Solution

40. Which of the following sections of the Indian Partnership Act bestows every partner with the authority of an agent?

Answer & Solution

Read More Section(Indian Partnership Act)

31.
A dormant partner is one who is

32.
Minor can be admitted to the benefits of the firm

34.
The Indian Partnership Act, 1932 provides for and recognises

35.
A partnership in which the number of partners exceeds than that allowed under section 11 of the Indian Companies Act, shall be

36.
Identify the correct statement with respect to the Law of Partnership?

38.
On dissolution, the business firm which the partners have founded

39.
A firm is liable to be compulsorily dissolved under Section 41 of the Indian Partnership Act on adjudication of

40.
Which of the following sections of the Indian Partnership Act bestows every partner with the authority of an agent?