Indian Partnership Act - Practice Test

(A) Partnership at will

(B) Particular partnership

(C) Joint Partnership

(D) None of the above

(B) Particular partnership

(A) Exhaustive

(B) Illustrative

(C) Inclusive

(D) Only (B) and not (A) or (C)

(A) Exhaustive

(A) Becomes the property of the firm

(B) Remains the individual property of the partners in the shares contributed by them

(C) Becomes the individual property of the partners in equal shares irrespective of their contributions and profit sharing ratio

(D) Either (A) or (C)

(A) Becomes the property of the firm

(A) Who has taken part in the conduct of the business as partner and is not liable for the act of the firm

(B) Who has never taken part in the conduct of the business as a partner and is not liable for the act of the firm

(C) Who has never taken part in the conduct of the business as a partner but is liable for the act of the firm

(D) Who, due to his special status, has nothing to do with the loss of the business and is entitled to the profit only

(C) Who has never taken part in the conduct of the business as a partner but is liable for the act of the firm

(A) The firm incurs liability if the benefits of the contract has gone to the firm

(B) The firm incurs no liability even if the benefits of the contract has gone to the firm

(C) The firm incurs liability even if the benefits of the contract has not gone to the firm

(D) Either (A) or (C)

(B) The firm incurs no liability even if the benefits of the contract has gone to the firm

Indian Partnership Act - Study Mode