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Business Law 2nd Edition Tejpal Sheth - Solutions
The estate of a partner who dies is not liable for acts done after the date on which he ceases to be a partner.(i) True (iii) False(ii) partly true (iv) None of the above
Which of the following do not constitute just and equitable grounds for dissolution of firm?(i) Deadlock in management.(ii) Disappearance of the substratum of business.(iii) partners not in talking terms.(iv) None of the above.
Which of the following is incorrect?(i) The death of a partner automatically dissolves the firm.(ii) Any partner can dissolve the firm by given an oral notice if partnership is at will.(iii) Insolvency of a partner automatically dissolves a firm.(iv) All of the above.
Which of the following do not constitute a ground for dissolution by court?(i) Misconduct by partner. (iii) Just and equitable grounds.(ii) Transfer of interest by partner. (iv) Suit by the dormant partner.
Which of the following do not constitute ground for dissolution by court?(i) Insanity of the partner.(ii) Incapacity of partner to perform his duties.(iii) Admission of minor to the benefits of partnership.(iv) Continuous losses of the firm.
In partnership at will where no date has been mentioned in the notice, the firm is dissolved from(i) the date decided by the registrar of firms.(ii) the date as decided by the partners.(iii) the date when the notice is communicated.(iv) the date decided by majority of partners.
Which of the following is correct?(i) The death of a partner automatically dissolves the firm.(ii) Any partner can dissolve the firm by giving notice if partnership is at will.(iii) Insolvency of a partner automatically dissolves a firm.(iv) All of the above.
Dissolution by agreement can be(i) with the consent of all the partners.(ii) in accordance with a contract between the partners.(iii) either (i) or (ii).(iv) both (i) and (ii).
Which of the following statements is correct?(i) The estate of insolvent partner is not liable for the acts of the firm done after the order of insolvency.(ii) The public notice of insolvency of a partner is not necessary.(iii) The firm is not liable for any act of the insolvent partner done after
According to the partnership Act, a partner can(i) transfer his interest in the firm.(ii) transfer his interest in the firm with consent of all the other partners.(iii) transfer his interest in the firm with consent of majority of partners.(iv) transfer his interest to any third party without the
Where a partner in a firm is declared as insolvent by court order(i) the firm is automatically dissolved.(ii) the firm is not automatically dissolved.(iii) the firm becomes illegal association.(iv) the firm is also considered as insolvent.
public notice of retirement should be given by(i) retiring partner only.(ii) any partner of firm only.(iii) by the retiring partner or any partner of the reconstituted firm.(iv) all the partners of the reconstituted firm.
Retiring partner continues to be liable for acts of the firm done(i) upto the date of admission of a new partner.(ii) upto the date of giving public notice of retirement.(iii) upto the end of the financial year in which he retires.(iv) all of the above.
In case of partnership at will, a retiring partner has to give a written notice(i) to the firm. (iii) to all the partners.(ii) to the working partners. (iv) to the state government.
New partner’s liability commences from(i) the date of his admission.(ii) the financial year in which he was admitted.(iii) the day he start working for firm.(iv) either (i) or (ii) whichever is earlier.
On attaining majority, within how many months a minor may give public notice of his decision to continue or withdraw from the firm?(i) 3 months. (iii) 6 months.(ii) 4 months. (iv) 12 months.
Which of the following is incorrect?(i) One major and another minor can form a partnership.(ii) One minor and another minor can form a partnership.(iii) One minor female with another major female can form partnership.(iv) All of the above.
Which of the following person may be admitted as a partner?(i) person of unsound mind. (iii) Alien enemy.(ii) A minor. (iv) An insolvent.
Which of the following is not covered by the term ‘property of the Firm’?(i) property and rights and interest in property originally brought into the firm.(ii) property acquired by the firm.(iii) Goodwill of the business.(iv) property of the partners.
Which matter can be decided with the consent of all the partners?(i) Alteration of business. (iii) Admission of a new partner.(ii) Addition to the business. (iv) All of the above.
It is the right of every partner to be consulted in(i) the matters affecting to him only.(ii) all matters relating to the business of the firm.(iii) both (i) and (ii).(iv) none of the above.
partner’s duty of good faith be excluded by an agreement to the contrary.(i) cannot (iii) may(ii) can (iv) may not.
For all acts of the firm done while he is a partner, every partner is(i) jointly liable only (iii) jointly and severally liable.(ii) severally liable only (iv) not liable at all.
Which of these acts are within the implied authority?(i) Settlement of the accounts with the third party on behalf of the firm.(ii) Open a bank account on behalf of the firm in his name.(iii) Compromise any claim by the firm.(iv) Submit the dispute to arbitration.
Which of this falls outside the implied authority?(i) pledging of the goods of the firm for loans.(ii) Drawing, accepting and endorsing the negotiable instruments on behalf of the firm.(iii) Acquire immovable property on behalf of the firm.(iv) Engage the lawyer to defend suit against the firm.
Which of these acts falls outside the implied authority?(i) purchase of goods on behalf of the firm.(ii) Sale of the goods of the firm.(iii) Receiving payments of debts due to the firm.(iv) Withdraw any suit filed on behalf of the firm.
Which of the following is incorrect?(i) Maintain bank A/c of the firm by the partner is not within implied authority of a partner.(ii) A partner in a firm has a right to receive interest on advances at the rate of 12 per cent p.a.(iii) The irregular expulsion of a partner does not give any right to
Which of the following conditions is not necessary for the exercise of implied authority?(i) The act must relate to the business of the firm.(ii) The act must be done in the firm’s business name.(iii) The act must be done in the usual way of carrying on the firm’s business.(iv) The act must be
When agreement is silent, rate of interest payable on advance by any partner is(i) 6%. (iii) 7%.(ii) 8%. (iv) 10%.
A change in nature of business can be effected only based on(i) unanimous consent of all the partners. (iii) consent of the working partners.(ii) consent of majority partners. (iv) consent of the sleeping partners.
Ordinary matters of business may be decided by consent of(i) all the partners. (iii) working partners.(ii) majority partners. (iv) sleeping partners.
Which of the following is not covered by general duties of partners?(i) To carry on the business of the firm to the greatest common advantage of the firm.(ii) To be just and faithful to each other.(iii) To arrange for the audit of accounts of the firm.(iv) To render true accounts.
partners are bound to carry on the business of the firm(i) to the advantage of the working partner. (iii) for the benefit of minor partners.(ii) for his benefit. (iv) to the greatest common advantage.
Active partner is also known as a(i) dormant partner. (iii) sub-partner.(ii) working partner. (iv) ostensible partner.
A partner who is not partner but represents himself as a partner in a firm is called a(i) sleeping partner. (iii) working partner.(ii) partner by estoppels. (iv) sub-partner.
A and B enter into an agreement for preparing Ahmedabad to Bombay Express Highway. The partnership comes to an end after preparing of Highway. This arrangement is called(i) particular partnership. (iii) undisclosed partnership.(ii) partnership at will. (iv) joint venture.
A person may become a partner with another person for particular adventures. This arrangement is called(i) partnership at will. (iii) undisclosed partnership.(ii) particular partnership. (iv) joint venture.
In the HUF ……….. is personally liable to the third party.(i) Karta and major members (iii) all major members(ii) Karta (iv) all the members
Which of the following is incorrect?(i) The partnership may be formed with two partnership firms as partners.(ii) A company can become partner in firm.(iii) A HUF can be created by an agreement of members.(iv) Both (i) and (iii).
Which of the following is correct?(i) partnership arises by status.(ii) HUF is created by an agreement between the members.(iii) partnership may arise from the conduct of the parties concerned.(iv) None of the above.
A is employed by a partnership firm entitled to remuneration of ` 5000 per month plus 7% on the profits of the firm if profits exceed ` 1 lakh. Here,(i) A is not a partner in the firm.(ii) A is a partner in the firm.(iii) appointment of A is invalid.(iv) A can claim only ` 5000 per month but not
Which of these statements does not reflect the mutual agency principle in partnership?(i) The partner is both an agent and principal.(ii) A partner can, by his act bind other partners and is in turn bound by acts of other partners.(iii) All partners should actively participate in the business.(iv)
partnership agreements may be(i) expressed. (iii) neither (i) nor (ii).(ii) implied. (iv) either (i) or (ii).
To form a partnership, the minimum capital contribution should be(i) ` l lakh. (iii) ` l0 lakhs.(ii) ` 5 lakhs. (iv) none of the above.
Which of this is not a valid partnership?(i) Minor admitted to benefits of the partnership.(ii) Company admitted as a partner.(iii) partnership between Indian national and alien friend.(iv) partnership between Indian national and alien enemies.
A and B agree to share profits of a business in equal but if any loss, it will be borne by A alone.The partnership agreement is(i) valid. (iii) illegal.(ii) unlawful. (iv) voidable.
Which of these gives the correct definition of partnership?(i) It is a written agreement between the persons for sharing the profits of the business.(ii) It is an oral arrangement between the partners for sharing the profit.(iii) It is a relation between the persons who have agreed to share the
Which of the following constitutes partnership?(i) Family business of HUF.(ii) persons who have inherited a house property jointly.(iii) Two parties carrying on a business for sharing the profits.(iv) A Burmese Buddhist husband and wife carrying on a business.
According to the partnership Act, ‘Business’ includes(i) trade. (iii) profession.(ii) occupation. (iv) all of the above.
prior to the Indian partnership Act, 1932, the provisions relating to partnerships were contained in(i) The Indian Contract Act, 1972. (iii) The Indian Contract Act, 1872.(ii) The partnership Act, 1912. (iv) The English partnership Act, 1845.
Explain the mode of giving public notice under the Indian partnership Act, 1932?
Write a short note on the settlement of the accounts. (Ref. Para-12.32)
Discuss the rights and liabilities of the partners on the dissolution of the firm. (Ref. Para-12.30,12.31)
Discuss the grounds on which the firm may be dissolved by the court? (Ref. Para-12.29)
Under what circumstances is a firm compulsorily dissolved? (Ref. Para-12.28)
Distinguish between dissolution of a partnership and dissolution of the firm. (Ref. Para-12.27)
What is meant by the dissolution of the firm? (Ref. Para-12.27)
Does the death of a partner necessarily result in the dissolution of the firm? (Ref. Para-12.26)
Write a short note on the insolvency of a person. (Ref. Para-12.26)
What are the rights available to the partner who has been wrongly expelled? (Ref. Para-12.26)
What are the rights and liabilities of the expelled partners? (Ref. Para-12.26)
Can a partner be expelled? If so, what are the conditions to be fulfilled for the expulsion? (Ref. Para-12.26)
Explain the rights of the retiring partner. (Ref. Para-12.26)
How can a partner retire from a firm? Is a retiring partner liable for the acts done before his retirement? (Ref. Para-12.26)
How can a person be admitted in an existing firm? Is an incoming partner liable for the firm’s acts done before his admission? (Ref. Para-12.26)
Write a short note on the partner’s authority in an emergency. (Ref. Para-12.25)
What is meant by the implied authority of a partner? (Ref. Para-12.20)
What is partnership property? (Ref. Para-12.19)
What are the mandatory duties of partners? (Ref. Para-12.18)
Write a short note on the rights of the partners.
Write a short note on the partner by estoppels. (Ref. Para-12.14)
Can a minor be admitted to partnership? If so, what are the rights and liabilities to him? (Ref. Para-12.14)
Enumerate the difference types of partners and briefly explain the extent of their liabilities. (Ref. Para-12.14)
What are the consequences of non-registration of the firm? (Ref. Para-12.13)
Is it compulsory for the partnership firm to get itself registered? Explain briefly the procedure for the registration of the firm. (Ref. Para-12.10)
Distinguish between a partnership and a co-ownership. (Ref. Para-12.8)
Distinguish between a partnership and a Hindu undivided family. (Ref. Para-12.6)
Sharing of profit is a prima-facie evidence of the existence of partnership but it is not the conclusive evidence. Comment. (Ref. Para-12.4)
Define partnership. Explain the essential elements of a partnership. (Ref. Para-12.2,12.3)
A person appointed by the original agent to act in the business of the agency but under the control of the original agent is known as a/an(i) agent. (iii) del credere agent.(ii) sub-agent. (iv) substituted agent.
Substituted agent is appointed by whom?(i) Government. (iii) Principal.(ii) Court. (iv) Agent.
What is the name given to an agency which cannot be terminated?(i) Revocable agency. (iii) Irrevocable agency.(ii) Agency for a single transaction. (iv) Agency created in necessity.
‘A’ owns a shop. ‘B’ manages the shop. ‘A’ as owner orders purchases. ‘B’ also as the(i) Yes (iii) Cannot say.(ii) No
Which of the following agency is irrevocable?(i) Agency for a fixed period. (iii) Agency coupled with an interest.(ii) Agency for a single transaction. (iv) Continuing agency.
The third party, who contracts with an agent without any knowledge of termination of the agent’s authority, can enforce the contract against the principal.(i) True(ii) False
In case, the principal revokes the agency, he(i) remains bound by the agent’s acts, done prior to revocation.(ii) is not bound by the agent’s acts, done prior to revocation.(iii) is bound by the agent’s subsequent acts also.(iv) liable to punishment, as revocation is illegal.
In which of the following cases, the agency is not terminated?(i) Completion of agency business. (iii) Insolvency of the principal.(ii) Death of the principal or agent. (iv) Agent exceeding the given authority.
Where the agent contracts for a principal, who is not competent to contract, in such a case the agent is(i) personally liable. (iii) exceeding authority.(ii) not personally liable. (iv) none of these.
Where the agent contracts with a third party, without disclosing the name and existence of his principal, in such a case on knowing about the principal, the third party may file a suit against the(i) principal alone. (iii) both of them jointly.(ii) agent alone. (iv) either the agent or the
Which of the following statements is not true?(i) Authority given to sell goods, also authorizes the agent to borrow money and pledge the goods.(ii) Authority given to borrow money makes the principal liable, even if the agent borrows beyond the authorized limits.(iii) Both of above.(iv) None of
Which of the following statements is not true?(i) Principal is liable for fraud committed by his agent, acting in the course of his business.(ii) Principal is bound by the agent’s acts done in the scope of his authority.(iii) Both of above.(iv) None of the above.
Where one person allows another person to assume an appearance of authority, to act on his behalf, such a position is known as(i) express authority. (iii) ostensible authority.(ii) implied authority. (iv) none of these.
A power of attorney, executed by several persons jointly, in favour of one person is valid.(i) True, as there can be more than one principals of one agent.(ii) False, as there can be only one principal of one agent at a time.
A person, appointed by the original agent, to act for and under the control of the principal, is known(i) agent. (iii) substituted agent.(ii) sub-agent. (iv) del credere agent.
A person appointed by the original agent to act in the business of the agency but under the control of the original agent is known as a/an(i) agent. (iii) substituted agent.(ii) sub-agent. (iv) del credere agent.
Which of the following is not a right of the agent?(i) Right of lien.(ii) Right to be indemnified.(iii) Right to remuneration.(iv) Right to make secret profits.
The agent becomes entitled to receive his remuneration on the fulfillment of which of the following conditions?(i) When the act undertaken by the agent is completed.(ii) When the concluded transaction is the result of the agent’s services and efforts.(iii) Both (i) and (ii) above.(iv) None of
Which of the following statements is not true?(i) An agent is not liable for any misinformation given to the principal.(ii) An agent should not deal on his own account.(iii) Both of above.(iv) None of the above.
Which of the following statements is not true?(i) An agent should conduct business according to his principals’s instructions.(ii) An agent is liable to account for any secret profit made by him.(iii) Both of above.(iv) None of the above.
Which of the following statements is not true?(i) An independent contractor is personally liable for the acts done by him while working for his employer.(ii) A bailor is personally liable for the acts of a bailee, done during the period of bailment.(iii) Both of above.(iv) None of the above.
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