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

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

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

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

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

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)

On becoming a partner, on attaining majority by a minor who was admitted to the benefits of the firm, his personal liability, under section 30(7) of the Act, for the acts of the firm, commences from

A

The date of majority

B

The date of exercising the option

C

The date of admission to the benefits of the firm

D

The date as decided by the partners themselves

When a minor become a partner on attaining majority he becomes personally liable for all the acts of the firm.

A

From the date of his attaining majority

B

From the date of his becoming a partner

C

Retrospectively from the date of his admission to the benefits of the firm

D

From the date of the constitution of firm

When a minor elects to become a partner he becomes, personally liable to third parties for all acts of the firm done since

A

He was admitted to be benefits of partnership

B

From the date of his attaining majority

C

From the date of his becoming a partner

D

Both (B) and (C)

Consider the following statements about legal propositions:
1. Joint tort-feasors can be sued jointly and severally.
2. They are liable for the whole damage resulting from the tort.
3. Damages may be recovered from all or either of them.
Which of the statements given above is/are correct?

A

1, 2 and 3

B

2 and 3

C

1 and 3

D

2 only

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

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

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