Relations of Partners – Test 2

Every partner is bound to attend ____ to his duties in the conduct of the business :

The estate of a partner who dies, is not liable u/s 45 for acts done after the date on which he ceases to be a partner. This statement is _______ .

X and Y are partners in a firm dealing in garments. X placed an order in the firm’s name and on the firm’s letter head for 10 bottles of wine to be supplied at his residence :

In absence of partnership deed interest on capital is charged for a fixed period of :

Partner shall indemnify the Firm for any loss caused to it by his _____ in the conduct of the Firm’s business :

X introudces Y to Z as a partner in his business, Y infact, was not a partner but he did not deny the statement, Z advanced a loan to X. X could not repay the loan. Z can hold Y responsible for the repayment of loan because :

A partner may be expelled from the firm on the fulfillment of the condition that the expulsion power is exercised _______ .

The relationship of principal and agent may arise by :

For the Acts of the firm :

An admission or representation made by a partner concerning the affairs of the firm is the evidence against the firm in _______ .

Mini was a partner in a firm. The firm ordered goods in Mini’s life time, but delivery was not made until after Mini’s death. The supplier of the goods claims to be paid out of Mini’s estate. Advise Mini’s representatives :

A third party deals with the firm without knowledge that ‘A’ (a sleeping partner) has retired from the firm, In such a case, A :

Public notice is not required when :

A minor admitted to the benefits of the partnership cannot file a suit for his share of profits or property of the firm, except :

A, B and C are members of a banking firm. D who owes the firm Rs.1,000 pays it to A. A without informing B and C about the payment by D, misappropriates the amount. Is D discharged of his debt to the firm by the payment made to A :

To bind the firm under implied authority, the act must be done in the ___ of carrying on the firm’s business :

Every partner has a right to :

Which of the following is not covered by the term “Property of the firm”

If profit sharing ratio is not specified in the partnership deed, then the profit is shared :

The partner of the firm can be expelled from the firm with the consent of :

Premium paid by a partnership firm on the Joint Life Policy of partners is

When are the assets and liabilities of a firm revalued :

In case of emergency, all rational acts of partner will bind the firm whether they were within the implied authority of not :

By transfer of a partner’s interest or share :

Every partner of a partnership firm has a right to take part in the Conduct of business of the firm.

A partner may be expelled from the firm on the fulfillment of the condition that power of expulsion is exercised :

When a partner in a firm is adjudicated as insolvent as per the Indian Partnership Act, 1932, he ceases to be a partner :-

An act of partner for acquiring an immovable property on behalf of the firm is within the provision of ______ authority under the Indian Partnership Act, 1932

Every partner is bound to attend ______ to his duties in the conduct of the business.

In case of ______ the continuing guarantee given to the firm or the third party in respect of the transaction of the firm, the continuing guarantee is revoked as to future transactions of the firm :