The Indian Partnership Act, 1932 – Nature of Partnership Contract 0 The Indian Partnership Act, 1932 - Nature of Partnership Contract 1 / 31 Q.1 The unpaid seller has right of stoppage of goods in transit only where the buyer Become insolvent Acts fraudulently Refuses to pay price All of these 2 / 31 Q.30 Sub-partner Third-person with whom a partner agrees to share his profits lends his name to the firm ,without any real interest Need not give public notice of his retirement Takes active part in the conduct of business 3 / 31 Q.29 Nominal partner Third-person with whom a partner agrees to share his profits lends his name to the firm ,without any real interest Need not give public notice of his retirement Takes active part in the conduct of business 4 / 31 Q.28 Sleeping Partner Third-person with whom a partner agrees to share his profits lends his name to the firm ,without any real interest Need not give public notice of his retirement Takes active part in the conduct of business 5 / 31 Q.27 Actual partner Third-person with whom a partner agrees to share his profits lends his name to the firm ,without any real interest Need not give public notice of his retirement Takes active part in the conduct of business 6 / 31 Q.26 Partner to benefits of partnership Active partner Minor Known to outside world Does not disclose his name 7 / 31 Q.25 Partner by holding out Active partner Minor Known to outside world Does not disclose his name 8 / 31 Q.24 Sleeping Partner Active partner Minor Known to outside world Does not disclose his name 9 / 31 Q.23 Full Fledged partner Active partner Minor Known to outside world Does not disclose his name 10 / 31 Q.22 Sharing of profits Evidence of partnership Not necessary Does not arise form operation of law Test of partnership 11 / 31 Q.21 Partnership business carried on by all or by any of them acting for all Evidence of partnership Not necessary Does not arise form operation of law Test of partnership 12 / 31 Q.20 Company Arises by operation of law Comes into existence only after registration Can arise by agreement or otherwise Arise by way of an agreement only 13 / 31 Q.19 Hindu-Undivided Family Arises by operation of law Comes into existence only after registration Can arise by agreement or otherwise Arise by way of an agreement only 14 / 31 Q.18 Co-ownership Arises by operation of law Comes into existence only after registration Can arise by agreement or otherwise Arise by way of an agreement only 15 / 31 Q.17 Partnership Arises by operation of law Comes into existence only after registration Can arise by agreement or otherwise Arise by way of an agreement only 16 / 31 Q.16 When partner of a firm agrees to Share his own share of profits with an outsider,it is called. Co-Partnership Sub- Partnership Partners in profits only None of the above 17 / 31 Q.15 Duration for period Sub-Partner Particular Partnership Partnership at Will Implied Authority 18 / 31 Q.14 No duration for partnership Sub-Partner Particular Partnership Partnership at Will Implied Authority 19 / 31 Q.13 X agrees with Y who is a goldsmith to buy and furnish gold to Y ,to be worked up by him & sold ,& that they shall share in the resulting profit or loss .The contract between X & Y is that of Partnership Association of Goldsmith Contract for labour work Contract of Sale 20 / 31 Q.12 X agrees with Y to carry passengers by taxi from Delhi to Goa on the following terms , namely , Y is to pay X Rs.100 per mile per annum , & X & Y are to share cost of repairing & replacement of the cars & to divide equally between them the proceeds of fares received from passengers.Choose the correct alternative X and Y are partners X and Y are cab owner X and Y are co-owner None of these 21 / 31 Q.11 Which of the following is not an essential feature of partnership ? 1.Agreement , 2. Registration .3. Test of mutual Agency , 4.Seperate legal entity i & ii ii & iii ii & iv i & iv 22 / 31 Q.10 The position of a minor in a partnership firm is to be determined taking into account 1.The Indian Contract Act , 1872 , 2.The Indian Partnership Act , 1932 , 3.Minor's agreement ,4.The Majority Act ,1875 1 & 2 2 & 3 3 & 4 1 & 4 23 / 31 Q.9 Suppose you have entered into a partnership agreement with me & the partnership deed provides neither for the duration nor the determination of our partnership. What is the technical expression for this kind of partnership Particular partnership Partnership at will Partnership for Fixed term Any of these 24 / 31 Q.8 After retirement from firm ,which of the following partners is not liable by holding out even if the public notice of retirement is not given? Active partner Sleeping partner Sub partner Both (b) & (c) 25 / 31 Q.7 Death of partner has effected of Dissolving the firm Result in continuance of the business of the firm His heirs joining the firm Computation of profits upto the date of death 26 / 31 Q.6 Each partner is Principle as well agents Only agents of the firm Only representative of the firm Only co-partners of the firm 27 / 31 Q.5 Active partner is one who Takes part in the business of the firm Actively participates in curricular Actives or sports Actively shares profits Makes a show of authority 28 / 31 Q.4 A partnership at will is one Which does not have any deed Which does not have any partner Which does not provide for how long the business will continue Which connot be dissolved 29 / 31 Q.3 A minor is A partner of a firm Representative of the firm Entitled to carry on the business of the firm Entitled to the benefit of the firm 30 / 31 Q.2 The provision about the maximum number of partners is mentioned in The Partnership Act The Indian Contract Act The Companies Act Restriction on Number of Partners Act 31 / 31 Q.1 The most important element in partnership is : Business Sharing of profits Agreement Business to be carried on all or any of them acting for all Your score is LinkedIn Facebook Twitter VKontakte