Questions on : 1)Introduction and Authority of a Partner. 2)Implied Authority of a Partner. 3)Liabilities of a Firm and its Partners to a Third Party. 4)Reconstituion of a Firm. __________________________________________________ No. Of Questions to be Answered : Random 20 out of 53
Limited
Unlimited
Joint and several
Both (b) and (c).
True, Section 25 of the Indian Partnership Act makes specific provision in this regard.
False, as these is no term like 'act of the firm' in the Indian Partnership Act
Act of partners
Act of firm
Authorised act
Actual act
True
False
Express authority
Implied authority
Both (a) and (b)
Only (a).
True, if such acts are within the scope of implied authority.
False, as acts without express authority are void.
His own name
Firm's name
Managing partner's name
None of these.
Section 18
Section 19
Section 20
Section 22
Trading business
Non-trading business
Both of these
None of these
To engage a lawyer and defend the action brought against the firm.
To purchase goods of the kind used in firm's business.
To engage servants to perform the business of the firm.
All of these.
To enter into partnership on behalf of the firm.
To borrow money for the purposes of business.
To settle accounts with the persons dealing with the firm.
To buy or sell goods on account of partnership.
To withdraw a suit or proceedings filed on behalf of the firm.
To submit a dispute, relating to the business of the firm, to arbitration.
To receive payment of the debts due to the firm and give receipt for the same.
To acquire or transfer immovable property on behalf of the firm
True, as it is necessary for conducting the business affairs of the firm.
False as it has been excluded form the scope of implied authority under Section 19(2).
Compromise any claim by the firm
Relinquish any claim by the firm
Admit any liability in a suit against the firm
None of these.
True, Section 20 makes a specific provision in this regard.
False, as implied authority of a partner cannot be restricted by such agreements.
Shall be liable
Shall not be liable
Is non-existent
Is a legal person.
Done in emergency
Done to protect the firm form loss- threatened by the emergency
Reasonable in the circumstances
All of the these.
In the ordinary course of business of the firm.
With the authority of all other partners.
Either (a) or (b).
Both (a) and (b).
Section 26
Section 27
Section 28
None of these
Defaulting partner alone is liable for the same.
Firm is liable for the same.
Firm is not liable for the same.
Third party has no remedy.
A partner and then misapplied by the same partner.
The firm and then misapplied by any of the partner.
Both of these.
Only(a).
Sec 26
Sec 27
Sec 28
Sec 29
True, as the principle of holding out applies in such a case.
False, as a person can become a partner only by agreement not otherwise.
Section 25
Section 26
Section 27
Section 28
Active partner
Sleeping partner
Representative of deceased partner
Both (b) and (c)