Indian Partnership Act - Practice Test

[#231] Section 13(a) of the Indian Partnership Act, 1932 provides for

(A) Payment of remuneration to a partner as a matter of right

(B) Payment of remuneration to a partner only when there is an agreement to that effect between the partners

(C) Non-payment of remuneration to a partner only when there is an agreement to that effect between the parties

(D) Both (A) and (C)

Correct Answer

(B) Payment of remuneration to a partner only when there is an agreement to that effect between the partners

[#232] Which of the following is not essential ingredient of holding out u/s 28 of the Partnership Act?

(A) Representation as a partner

(B) Knowledge of representation

(C) Giving credit to the firm

(D) Representation without knowledge

Correct Answer

(D) Representation without knowledge

[#233] Section 23 of the Indian Partnership Act, 1932 is an exception to

(A) Section 19(2)(a)

(B) Section 19(2)(c)

(C) Section 19(2)(e)

(D) Neither (A) nor (B) or (C)

Correct Answer

(D) Neither (A) nor (B) or (C)

[#234] The remedy of rescission of a partnership contract is available under

(A) The Indian Contract Act, 1872

(B) The Indian Partnership Act, 1932

(C) The Indian Trusts Act, 1882

(D) All the above

Correct Answer

(A) The Indian Contract Act, 1872

[#235] A partner who retires from a partnership firm, such partners no longer liable for debts or liabilities of the firm towards third persons from the date of his retirement

(A) Yes, a retiring person is no longer liable because his liability is only till he continues as a partner of the partnership firm because of Section 13 of the Partnership Act

(B) Yes, he is not liable, because after his retirement from the firm, the other partners no longer can act as the agents of the retiring partners as per Section 18 of the Partnership Act

(C) A retiring partner is only liable for debt liabilities of the firm to a third person till a public notice is given of his retirement in view of Section 32 of the Partnership Act

(D) Liability of the retiring partner will continue unless public notice of the retirement of the retiring partner of the firm is given both by the retiring partners also by the partnership firm

Correct Answer

(C) A retiring partner is only liable for debt liabilities of the firm to a third person till a public notice is given of his retirement in view of Section 32 of the Partnership Act

Indian Partnership Act - Study Mode

[#231] Section 13(a) of the Indian Partnership Act, 1932 provides for

Correct Answer

[#232] Which of the following is not essential ingredient of holding out u/s 28 of the Partnership Act?

Correct Answer

[#233] Section 23 of the Indian Partnership Act, 1932 is an exception to

Correct Answer

[#234] The remedy of rescission of a partnership contract is available under

Correct Answer

[#235] A partner who retires from a partnership firm, such partners no longer liable for debts or liabilities of the firm towards third persons from the date of his retirement

Correct Answer