Any act or omission, to be an act of a firm, within the meaning of section 2(a) of the Indian Partnership Act, 1932 must be act or omission of

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

A suit of a partnership firm to enforce any type of rights of the partnership firm is not maintainable unless the partnership firm is registered under Section 69 of the Partnership Act before the filing of the suit.

A

An unregistered firm cannot sue for any rights, be they contractual or statutory, unless the partnership firm is first registered

B

Partnership firm can sue for enforcement of its statutory rights even if the partnership firm is not registered

C

A partnership firm can sue for enforcement of its rights provided in the same suit both statutory and contractual rights are claimed together and not only contractual rights

D

Even if a suit is filed for enforcement of a contractual right by an unregistered firm, but such a suit can continue if the partnership firm is got registered during pendency of the suit

A

1 and 3

B

2 and 3

C

1 and 2

D

2 and 4

The changes in the constitution of the firm or dissolution of the firm, where the firm is a registered firm, under section 63 of the Indian Partnership Act, 1932, has to be notified to the Registrar by

A

All the partners

B

The majority of partners

C

Any of the partners

D

An outsider/creditor of the firm

To constitute a matter of res judicata which of the following conditions must concur?
1. The matter directly and substantially in issue in the subsequent suit or issue must be the same matter which was directly and substantially in issue either actually (section 11, explanation III) or constructively (section 11, explanation IV) in the former suit
2. The former suit must have been a suit between the same parties under whom they or any of them claim. Explanation VI of Section 11 must be read with this condition
3. The parties as aforesaid must have litigated under the same title in the former suit
4. The court which decided the former suit must have been a court competent to try the subsequent suit of the suit in which such issue has been subsequently raised. Explanation II of section 11 is to be read with condition
5. The matter directly and substantially in issue in the subsequent suit must have been heard and finally decided by the court in the first suit. Explanation V of section 11 is to be read with this condition

A

1, 2

B

3, 4

C

2, 4, 5

D

All of these

A', 'B' and 'C' are partners in a partnership firm named A, B & C. 'A' retires from the firm without giving any public notice. Thereafter, an existing creditor lends Rs. ten lakh to the firm on the basis of his knowledge that 'A', 'B' and 'C' are the three partners in the firm. This amount remains unpaid by the firm. The creditor wants to recover the unpaid loan amount from the firm.

A

No one will be liable for the unpaid loan amount

B

A', 'B' and 'C' will be liable for the unpaid loan amount

C

Only 'B' and 'C' will be liable for the unpaid loan amount

D

Only 'A' will be liable for the unpaid loan amount

For the bar of section 69(2) of the Indian Partnership Act, 1932, not to apply to a suit instituted by a firm against a third party for enforcing the rights arising out of contract, the firm must be a registered firm

A

On the date when the cause of action has arisen

B

On the date when the suit was instituted

C

On the date when the suit was decided

D

Either (A) or (B) or (C)

Identify three conditions that a firm must meet to practice price discrimination: A. The firm must have some control over the price and the product B. The firm must operate in the growth phase of its product life cycle C. The markets in which products are sold must be separable D. Price elasticity of demand for the product must differ E. The firm operates its plant at full capacity Choose the correct answer from the options given below:

A

A, B and C only

B

A, C and D only

C

B, D and E only

D

B, C and D only

Carefully read following statements:
1. According to Section 34 of Indian Penal Code, requirement is of two persons, whereas under Section 149 of Indian Penal Code, requirement is of five persons.
2. According to Section 34 of Indian Penal Code, common intention is required whereas under Section 149 Indian Penal Code, common object is required
3. Previous consent is required under Section 34 & 149 of Indian Penal Code
4. Section 34 of Indian Penal Code and Section 149 of Indian Penal Code constitutes a specific offence
Which of the above statements is true:

A

1 and 3

B

2 and 3

C

1 and 2

D

2 and 4

Non-registration of a partnership firm under section 69 of the Indian Partnership Act, 1932, is not a bar for a firm in respect of

A

Civil proceedings

B

Criminal proceedings

C

Both civil and criminal proceedings

D

Neither civil nor criminal proceedings

Any act or omission, to be an act of a firm, within the meaning of section 2(a) of the Indian Partnership Act, 1932 must be act or omission of

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