Question with Answer CS

Q1. Acts done by a partner in an emergency do not bind the firm if they do not form part of the partner’s implied authority.

1. True
2. Partly True
3. False
4. None of the above

Q2. “Notice to acting partner is notice to firm” This statement is based on the principle of

1. Convenience
2. Convention
3. Mutual agency among partners
4. All of the above

Q3. For all acts of the firm done while he is a partner, every partner is

1. Joint liable
2. Severally liable
3. Jointly and severally liable
4. Not liable at all

Q4. Which of the following partners are not liable in relation to the firm?

1. Partner by holding out
2. Working partner
3. Sub-partner
4. Partner by estoppel

Q5. When a partner retires from a firm but does not give a public notice to this effect. He shall be liable as a partner by holding out until he issues a public notice

1. True
2. Partly True
3. False
4. None of the above

Q6. For the acts of the firm

1. Minor is personally liable
2. Minor’s share is liable
3. Guardian is personally liable
4. There is no liability at all for or on behalf of the minor

Q7. When the minor elects not to become a partner he is entitled to sue the partners for his share in the profits and property.

1. True
2. Partly True
3. False
4. None of the above

Q8. A Person can be admitted into an already existing firm. Only with the consent of all the existing partners.

1. True
2. Partly True
3. False
4. None of the above

Q9. In case of partnership at will, a retiring partner has to given a written notice

1. To the firm
2. To the working partners
3. T o all the partners
4. To all partners other than working partners

Q10. Where a partner in a firm is adjudicated as insolvent

1. The firm is automatically dissolved
2. The firm is not automatically dissolved
3. The firm is also deemed insolvent
4. The firm becomes an illegal association