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

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

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

When a minor, who was admitted to the benefits of Partnership becomes a partner upon attaining the age of majority, his personal liability commences from:

A

The date of his first admission to benefit of partnership

B

The date of majority, if he continues in partnership

C

The date fixed by all the partners

D

Only his assets or contributions to the partnership is liable

Propositions as regards the liability of the surety under the surety bond are:
1. The liability of the surety is mutually exclusive of the liability of the accused under his personal bond.
2. The liability of the surety is contingent on the liability of the accused under his personal bond the liability of the surety.
3. is limited to the amount of the surety bond.
Now which of the following is correct

A

1 and 3 are correct

B

1 and 2 are correct

C

2 and 3 are correct

D

1, 2 and 3 all are correct

On election to become a partner, on attaining majority, by a minor who was admitted to the benefits of the firm, under section 30(7)of the Act, his rights and liabilities in the firm

A

Shall relate back to the date of his attaining majority irrespective of the date on which he exercised the option

B

Shall relate back to the date when he was admitted to the benefits of the firm

C

Shall commence from the date of his exercising the option by giving the public notice

D

Shall commence from the date as decided by all the partners

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

If a minor, admitted to the benefits of the firm, on attaining majority, fails to give public notice of his intention to become or not to become a partner, within the prescribed six months, by virtue of proviso to section 30(5) of the Act, he

A

Automatically becomes a partner in the firm after the expiry of said six months

B

Automatically ceases to be a partner in the firm after the expiry of said six months

C

Becomes a partner in the firm after the expiry of the said six months only if all the partners consent to it

D

Either (A) or (C)

Where a minor has been admitted to the benefits of the partnership but he does not know that he has been so admitted, the option to stay in the partnership or to move out, on attaining majority under section 30(5) of the Act has to be exercised within

A

Six months of attaining majority

B

Six months of acquiring the knowledge of being so admitted into the firm

C

Six months of attaining majority or six months of acquiring the knowledge of being so admitted into the firm, whichever is earlier

D

Six months of attaining majority or six months of acquiring the knowledge of being so admitted into the firm, whichever is later

Within how many months of attaining majority, a minor admitted into the benefits of a partnership firm must decide whether he wants to become a partner in the firm?

A

Two

B

Three

C

Six

D

Twelve

When a minor becomes a partner on attaining majority, his liability commences from

A

The date of his admission to benefits of the partnership firm

B

The date of majority

C

The date fixed by all the partners

D

The date on which six months will expire from the date of attaining majority by minor

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

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