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

Q51. A partner can retire from a partnership by

(A) Consent of all the partners
(B) Where there is an agreement about retirement, in accordance with the terms of that agreement whether the other partners are willing or not
(C) Giving a notice of his intention to retire
(D) Either (A) or (B) or (C)

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

Q52. So long as a minor remains admitted to the benefits of the firm under section 30(4)of the Act, the minor is

(A) Competent to sue the firm for account and payment of his share of profits of the firm
(B) Competent to sue the firm for account and payment of his share of property of the firm
(C) Competent to sue the firm for account and payment of his share of both profits and property of the firm
(D) Incompetent to sue the firm for account or payment of his share either of profits or property of the firm

Answer: Incompetent to sue the firm for account or payment of his share either of profits or property of the firm

Q53. Section 12(c) of the Indian Partnership Act provides for a

(A) Rule of majority
(B) Rule of unanimity
(C) Both (A) and (B)
(D) Only (A) and not (B)

Answer: Both (A) and (B)

Q54. Section 32 of the Indian Partnership Act, 1932, deals with

(A) Liability of new partner
(B) Rights of new partner
(C) Retirement of a partner
(D) Insolvency of a partner

Answer: Retirement of a partner

Q55. Section 39 of the Indian Partnership Act, 1932, defines dissolution of a firm as

(A) Dissolution between some of the partners of a firm
(B) Dissolution between majority of the partners of a firm
(C) Dissolution between all the partners of the firm
(D) Either (A) or (B) or (C)

Answer: Dissolution between all the partners of the firm

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Q56. A suit for dissolution of a firm on the ground of permanent incapability of a partner, under section 44(b) of the Act can be filed by

(A) Any partner including the partner who has become permanently incapable
(B) Any partner, other than the partner who has become permanently incapable
(C) The partner who has become permanently incapable only
(D) Only (A) and not (B) or (C)

Answer: Any partner, other than the partner who has become permanently incapable

Q57. The principles contained in section 37 of the Indian Partnership Act, 1932, apply where a partner ceases to be a partner by

(A) Voluntary retirement from the firm
(B) Death
(C) Expulsion
(D) Either (A) or (B) or (C)

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

Q58. If a suit is filed for recovery and transaction is made subsequent to retirement of partners from firm but plaintiff is not aware of that fact then the partners

(A) Are known to be as sleeping partners
(B) Cease to be as partners
(C) Continue as partners and liable for transaction
(D) Are called as retired partners

Answer: Continue as partners and liable for transaction

Q59. According to Section 11 of the Act, the mutual rights and duties of partners may be determined by

(A) Contract between the Partners subject to the provisions of the Act
(B) An express contract between the Partners
(C) The provisions of the act
(D) None of the above

Answer: Contract between the Partners subject to the provisions of the Act

Q60. Under section 19(1) of the Partnership Act, 1932, the acts of a partner which are done to carry on, in usual way, business of the kind carried on by the firm

(A) Binds the firm
(B) Binds the managing partner
(C) Binds the sleeping partner
(D) None of above

Answer: Binds the firm