Indian Partnership Act Law 100 MCQ With Free Exam SET:-1

Q31. A partner may retire

(A) With the consent of all the partners
(B) In accordance with an express agreement by the partners
(C) Where the partnership is at will by giving notice in writing to all other partners of his intention to retire
(D) Either (A) or (B) or (C)

Answer: Either (A) or (B) or (C)

Q32. Section 21 of the Indian Partnership Act, 1932 purports to

(A) Extend the authority of a partner in emergency
(B) Restrict the authority of a partner in emergency
(C) Extend and restrict both, the authority of a partner in emergency
(D) Either (A) or (B)

Answer: Extend the authority of a partner in emergency

Q33. Which types of partnership have no agreement in terms of the duration of partnership ?

(A) Partnership-at-will
(B) Limited partnership
(C) General partnership
(D) Particular partnership

Answer: Partnership-at-will

Q34. Where an established partnership business is continued, without any further contract between the parties, after the death of one of the partners, the same shall be governed by

(A) Section 13 of the Act
(B) Section 17 of the Act
(C) Section 13 and section 17
(D) Section 16 of the Act

Answer: Section 17 of the Act

Q35. The court is empowered to order dissolution of a firm where it is just and equitable to dissolve the firm, under

(A) Section 14(g) of the Act
(B) Section 14(f) of the Act
(C) Section 14(e) of the Act
(D) Section 14(d) of the Act

Answer: Section 14(g) of the Act

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Q36. Sub-section (3) of section 32 of the Indian Partnership Act, 1932, requires that the retirement of a partner should be made known through

(A) Notice to third parties specifically
(B) Public notice
(C) Notice to the partners
(D) Either (A) or (B) or (C)

Answer: Public notice

Q37. The concept of partnership commensurate with

(A) Principal and agent
(B) Co-owners of property
(C) Joint owners of property
(D) All the above

Answer: Principal and agent

Q38. Where the name of the firm and that of an individual partner of the firm is identical, the presumption is

(A) In favour of the liability of the firm
(B) In favour of the liability of the individual partner
(C) In favour of the liability of the individual partner whose name is identical with that of the firm
(D) Neither (A) nor (B)

Answer: In favour of the liability of the firm

Q39. Under Section 25 of the Indian Partnership Act, 1932 the liability of the partners for the acts of the firm is:

(A) Joint and several
(B) Several
(C) Joint or several
(D) Joint

Answer: Joint and several

Q40. Which of the following is not a mode of dissolution of firm under Indian Partnership Act, 1932 ?

(A) Dissolution by agreement
(B) Compulsory dissolution
(C) Dissolution by Registrar
(D) Dissolution by Court

Answer: Dissolution by Registrar