For the enforcement of a right arising from a contract, a partner of an unregistered firm under section 69(1) of the Indian Partnership Act, 1932 can sue

The right to sue for the realisation of the assets of the dissolved firm by a partner of an unregistered firm, under section 69(3) of the Indian Partnership Act, 1932, a partner can sue

A

A third party

B

A co-partner

C

Both a third party and a co-partner

D

Either a third party or a co-partner

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

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): 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.
Reason (R): Because Judgement in case of Loonkaran Sethia v. Ivan E. John laid down above judicial principle.

A

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

B

Both (A) and (R) are wrong

C

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

D

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

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

Under section 69(3) of the Indian Partnership Act, 1932, a partner of an unregistered firm has a right to sue

A

For the dissolution of the firm

B

For the accounts of a dissolved firm

C

For the realisation of the assets of a dissolved firm

D

All the above

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)

A suit for the enforcement of a right arising out of a contract against third party, under section 69(2) of the Indian Partnership Act, 1932, can be instituted by

A

An unregistered firm

B

A registered firm

C

A partner of a firm

D

Either (A) or (B) or (C)

Which of the following amounts to enforcement of a right, by a partner of an unregistered firm, arising out of a contract between the parties

A

An action between two former partners to enforce an agreement restraining an outgoing partner from carrying on in some area any business similar to that of the firm

B

Suit for recovery of money due on a contract entered into between the partners of an unregistered firm after settlement of accounts between partners of a dissolved firm

C

Suit for permanent injunction for passing off

D

Neither (A) nor (B) nor (C)

Under section 37(2) of the Indian Partnership Act, 1932, on exercise of option to purchase the share of the outgoing partner under an agreement between the partners resulting in the right of the outgoing partner to receive the share of profits or interest on the unpaid capital to cease, such right of the outgoing partner

A

Can be revised at the option of the outgoing partner at any time

B

Can be revived in case default is made by the opting partners in fulfilling the terms of the agreement

C

Cannot be revised under any circumstances

D

Either (A) or (B)