Read Assertion (A) and Reason (R) and answer using given below:<br>Assertion (A): Partner of an erstwhile unregistered partnership firm can bring a suit to enforce a right arising out of a contract falling within the ambit of Section 69 of the Indian Partnership Act.<br>Reason (R): Because Judgement in case of Loonkaran Sethia v. Ivan E. John laid down above judicial principle.

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

Read Assertion (A) and Reason (R) and answer using below:
Assertion (A): Salary drawn by a partner from the firm for his services rendered to it has been treated different from his right to get an additional amount in the form of salary as his share of the firm's profit.
Reason (R): Because R. M. Chidambaram Pillai v. Commissioner of Income Tax case laid down above principle.

A

Both (A) and (R) are correct and (R) is correct reason for (A)

B

Both (A) and (R) are wrong

C

(A) is right, but (R) is wrong

D

(R) is right, but (A) is wrong

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

Read Assertion (A) and Reason (R) and answer using given below:
Assertion (A): Compensation is recoverable for any loss or damage which the parties knew at the time of the contract as unlikely to result from the breach of the contract.
Reason (R): Because above rule is laid down in Hadley v. Baxendale case.

A

Both (A) and (R) are correct and (R) is correct reason for (A)

B

Both (A) and (R) are wrong

C

(A) is right, but (R) is wrong

D

(R) is right, but (A) is wrong

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

Where a suit instituted by an unregistered firm against a third party for enforcing its rights arising out of a contract, has been dismissed under section 69(2) of the Indian Partnership Act, 1932, a fresh suit on the same cause of action, after registration of the firm is

A

Barred by resjudicata

B

Maintainable only if the court while dismissing the earlier suit has granted the liberty to file a fresh one

C

Maintainable if within limitation

D

Maintainable only with the leave of the court

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

Read Assertion (A) and Reason (R) and answer using given below.
Assertion (A): 'Goods' means every kind of movable property including actionable claims and money and excludes stock and shares, growing crops, grass and things attached to or forming part of the land which are agreed to be served before sale or under the contract of sale.
Reason (R): Above principle is laid down in Section 2(7) of the Sale of Goods Act.

A

Both (A) and (R) are right

B

Both (A) and (R) are wrong

C

(A) is wrong but (R) is right

D

(A) is right but (R) is wrong

A Partner of an unregistered Firm cannot sue the Firm or any other Partner of the Firm to enforce a right:

A

A rising from a contract

B

Conferred by the Partnership Act

C

Either (A) or (B)

D

Both (A) and (B)

Following are some of the exceptions under which third parties, which are strangers to the contract, can bring law suit to enforce their rights arising out of a contract
1. In cases of agency and gifts
2. In case of provisions in marriage settlement of minors
3. Beneficiaries in case of trust
4. In case provision is made for the marriage or maintenance of a female member of the family on the partition of a Hindu Undivided Family

A

1, 2, 3, 4

B

2, 3, 4

C

1, 2, 3

D

1, 3, 4