The Indian Partnership Act,1932- Test 6

Which of the following act is with the implied authority?

The partners by mutual agreement, can …….the implied authority of any partner.

The implied authority of any partner may be-

Where there is no restriction on implied authority, any act done by a partner which falls within his implied authority, binds the firm, except…..

N & Z are partners in a firm dealing in stationary. N placed order in the firm’s name and on the firm’s letter pad for 10 bags of wheat to be supplied at his residence.

All partners are liable jointly and severally for all …….. binding on the firm including liabilities arising from contracts well as torts
(Section 25).

All partners are liable jointly and severally for all acts or omissions binding on the firm including liabilities arising from ….. (Section 25)

An act to be binding on the firm, it is necessary that the partner doing the act on behalf of the firm must have done that act-

Every partner is liable for the ……. of the other partners in the course of the management of business.

As a general rule, an incoming partners is ……. for the debts incurred before he joined the firm as a partner

As a general rule, an incoming partner is not liable for the debts incurred-

As a general rule, an incoming partner is not liable for the debts incurred, however, he may liable for past debts if it is agreed between-

The liability of a new partner generally commences form-

Where a new partner specifically agrees to bear past liabilities, third parties cannot hold a new partner liable since there is ……

Where incoming partners specifically agrees to bear past liabilities, he will be liable for such liabilities to –

An outgoing partner remains liable for the partnership debts-

An out going partner remains liable for the partnership debts contracted while was a partner. He may however be discharged if it is agreed between –

Retiring partner continues to be liable for acts of the firm done ……

Who can give public notice of retirement of partner?

Where the continuing partners carry on the business of the firm, the outgoing partners whose claim is not settled,

The estate of a partner who dies, or who becomes insolvent, is not liable for partnership debts contracted …..

P,Q and R as are in partnership Q dies on 15th June, 2018 which of the following statement is true?

Dissolution of partnership between all the partners of a firm is called –

Any change in the relation of partners due to admission, retirement or death of partner is called-

Business of firms is completely stopped, its assets are realized, liabilities paid off and surplus distributed among partners according to their share in firms’s property.This is known as –