Indian Partnership Act - Practice Test

[#491] The rights and duties of a partner contained in section 12 of the Indian Partnership Act, 1932 are

(A) Subject to the provision of the Indian Partnership Act, 1932

(B) Subject to a contrary arrangement between the partners

(C) Subject to the provisions of the Indian Contract Act, 1872

(D) Subject to the provisions of the Indian Trusts Act, 1882

Correct Answer

(B) Subject to a contrary arrangement between the partners

[#492] A firm is liable for the misapplication by a partner, under section 27 of the Indian Partnership Act, 1932, where

(A) The property is received by the firm in the course of its business and the property is misapplied by any partner

(B) The property is received by a partner within or without his apparent authority

(C) Both (A) and (B)

(D) Neither (A) nor (B)

Correct Answer

(A) The property is received by the firm in the course of its business and the property is misapplied by any partner

[#493] Under section 44(c) of the Indian Partnership Act, 1932, the misconduct of a partner to order dissolution of a firm must be

(A) Such which is likely to affect the business prospects of the firm

(B) The one connected with the business of the firm

(C) Both (A) and (B)

(D) Either (A) or (B)

Correct Answer

(D) Either (A) or (B)

[#494] The most important feature of a 'partnership at will' is:

(A) Sharing of losses

(B) Registration not needed

(C) Easy dissolubility

(D) Utmost Transparency

Correct Answer

(C) Easy dissolubility

[#495] In which of the following cases a Set Off can be claimed?

(A) A' owes the partnership firm of 'B' & 'C' Rs. 1000. 'B' dies leaving 'C' surviving. 'A' sues. 'C' for a debt of Rs. 1500 due in his separate character. 'C' wants to set off the debt of Rs. 1000

(B) 'A' sues 'B' for Rs. 20,000. 'B' wants to set off the claim for damages for breach of contract for specific performance

(C) Both 'A' and 'B'

(D) None of the above

Correct Answer

(A) A' owes the partnership firm of 'B' & 'C' Rs. 1000. 'B' dies leaving 'C' surviving. 'A' sues. 'C' for a debt of Rs. 1500 due in his separate character. 'C' wants to set off the debt of Rs. 1000

Indian Partnership Act - Study Mode

[#491] The rights and duties of a partner contained in section 12 of the Indian Partnership Act, 1932 are

Correct Answer

[#492] A firm is liable for the misapplication by a partner, under section 27 of the Indian Partnership Act, 1932, where

Correct Answer

[#493] Under section 44(c) of the Indian Partnership Act, 1932, the misconduct of a partner to order dissolution of a firm must be

Correct Answer

[#494] The most important feature of a 'partnership at will' is:

Correct Answer

[#495] In which of the following cases a Set Off can be claimed?

Correct Answer