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

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

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

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

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

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

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

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.

A

Date of attaining majority

B

From the date he enters into partnership to get profit

C

When he decides to be a partner

D

Date of his admission into the firm

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

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

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