A retiring partner continues to be liable for obligations incurred after his retirement:

A retiring partner continues to be liable for obligations incurred after his retirement if

A

Unpaid amount is transferred to his loan account

B

He does not givea public notice

C

He starts a similar business elsewhere

D

In all the situations till he survives

A retiring partner continues to be liable for obligations incurred after his retirement

A

if unpaid amount is transferred to his loan account

B

if he does not give public notice

C

if he starts a similar business elsewhere

D

in all the situations till he survives

When creditors continues to deal with the reconstituted firm after he is informed of the retirement of a partner and the agreement of release, the liability of the retiring partner towards the creditors

A

Comes to an end

B

Still remains

C

Partly comes to an end and partly remains

D

Either (A) or (C)

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

Which of the following are correct regarding rights of partners?
1. A partner has the right to allow the admission of a new partner.
2. Every partner has a right to take part in the management of business.
3. Every partner has a joint ownership of partnership property.
4. Every partner has a right to share the profit not the losses with other partners.
5. Every partner has a right to inspect the books of account and have a copy of the same.
6. In case of emergency, a partner has a right to act as a man of prudence.
Select the correct answer:

A

1, 2, 3, 4

B

2, 3, 4, 6

C

3, 4, 5, 6

D

2, 3, 5, 6

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

When the firm is named after the retiring partner, the retiring partner has a right to

A

Set up a precisely similar business under the same name

B

Set up a precisely similar business but not under the same name

C

Set up a precisely similar business under a new name which suggests a connection with the firm he has left

D

Either (B) or (C)

Which of the following is correct?
Answer by using the below:
(1) Corporation is vicariously liable for acts done by its employees.
(2) Minor is liable for the torts committed by him.
(3) Wife is liable under law of torts to her husband if she negligently fractures his legs.
(4) Tort committed by any partner in the ordinary course of business of firm all other partners are liable.

A

(1), (2), (3) and (4)

B

(1), (2) and (3)

C

(1), (2) and (4)

D

(1) and (4)

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

Consider the following statements:
In case of joint publication of defamatory statement:
1. A corporation is liable for the malice of its agent.
2. The proprietor of a newspaper is liable for the malice of the editor.
3. A lawyer is liable for the malice in the notice issued under the instructions of his client.
4. The employer is liable for the malice of a typist who types a defamatory letter as dictated by his employer.
Which of the statements given above are correct?

A

1 and 2

B

1 and 3

C

3 and 4

D

1 and 4

A retiring partner continues to be liable for obligations incurred after his retirement:

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