On attaining majority if a minor partner in the firm elects to continue as a partner, he shall be liable to the debts of the firm, from.

Which of the following statements are true?
(1) Minor's contract can be ratified on attaining majority.
(2) Minor's contract cannot be ratified on attaining majority.
(3) Minor's contract can be ratified jointly by both the parties to the contract.
(4) Minor is not liable under minor's contract.
(5) Minor's contract is an enforceable contract.

A

1 and 3

B

5 and 2

C

2 and 4

D

2 and 3

E

3 and 4

If a minor partner on attaining majority chooses to continue as a partner of the firm, he shall be liable to the category of the firm, in this

A

From the date of attainment of majority

B

From the date of receipt of profit of the firm

C

From the date on which he chooses to becomes a partner

D

From the date of option being exercised by the guardian

If a minor choose to continue as a partner on attaining the age of majority, he will be liable to the debts of the firm from the date of his

A

attaining majority

B

admission to the profits of the firm

C

choosing to become a partner at a subsequent date

D

none of the above

The Propositions are:
(1) Where a partner of a professional business partnership borrows money in the usual and regular course of business stating that the money is to be used for partnership business but misappropriates it, the other partners shall be liable.
(2) Where money has been borrowed by a partner without authority, but has been applied to the legitimate business needs of the firm, the firm is liable.
(3) Where the act is within the scope of the implied authority of a partner, but it has been done by him, to the knowledge of the third party, not for the firm but for his own purposes, the firm is liable.
Which of the following is true in accordance with Indian Partnership Act, 1932 as to the aforesaid propositions?

A

(1) is correct, (2) and (3) are incorrect

B

(1) and (2) are correct, (3) is incorrect

C

(1), (2) and (3), all are correct

D

(2) and (3) are correct, (1) is incorrect

E

None of these

Every partner is jointly and severally liable for all acts of the firm. However, a minor can be admitted to the benefits of the firm. Liability of a partner is unlimited and he is personally liable for the acts of the firm. The liability of the minor in case of the acts of the firm is

A

Personally liable for such acts

B

Not at all liable for such acts

C

Not personally liable, it is only his share which is liable for the acts of the firm

D

Liable to the extent as it told by other partners

Propositions are
1. A son is liable, before partition, for the debts contracted by his father before partition which are not immoral or illegal.
2. A son is liable, after partition, for the debts contracted by his father before partition which are not immoral or illegal.
3. A son is liable, after partition, for the debts contracted by his father after partition which are not immoral or illegal which of the following is true in respect of the aforesaid propositions.

A

1, 2 & 3 all are correct

B

1 is correct and 2 & 3 are not correct

C

1 & 2 are correct and 3 is not correct

D

1 & 2 are not correct and 3 is correct

If a minor choose to become a partner on attaining the age of majority will be liable for the debts of the firm from the date of his

A

Attaining majority

B

Choice to become partner of the firm

C

Admission to the benefit of partnership

D

None

Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer:

A

Only 5

B

Both 4 and 5

C

3, 4 and 5

D

1, 2 and 3

Consider the following statements:
1. A contract with a minor is void, however, a minor can after attaining majority ratify an agreement made by him during his minority.
2. Minor is not liable for the wrongful act when the cause of action in substance is ex contractu.
Choose the correct option from below:

A

Both 1 and 2 are correct

B

Both 1 and 2 are incorrect

C

Only 1 is correct

D

Only 2 is correct

When a minor who was admitted to the benefits of the firm, on attaining majority becomes a partner in the firm, his share in the property and the firm shall

A

Remain the same as it was during the minority

B

Be equal with all other partners

C

Be adjusted in proportion of the capital contribution

D

Be kept marginally lower than the existing partners

On attaining majority if a minor partner in the firm elects to continue as a partner, he shall be liable to the debts of the firm, from.

Related Questions