Identify the incorrect statements: (1) When a firm is constituted for a fixed duration it cannot be dissolved before the expiry of that duration. (2) A partnership at will can be dissolved by the wish of even a single partner. (3) When a partner of a firm becomes lunatic, the firm dissolves automatically. (4) Even after dissolution, partners of a firm continue to be liable for acts of the firm until the affairs of the firm are finally wound up. Code:

Related MCQs

• After a firm is dissolved, every partner or his representative may restrain any other partner or his representative from carrying on similar business in the firm's name or by using firm's property for own benefit, until:
• The partners authority to act for the firm and to bind their co-partners continues even after the dissolution of the firm:
• Where a firm constituted for a fixed term continues to carry on business after the expiry of the said term, the mutual rights and duties of the partners will —
• A partnership may be dissolved by any partner by giving a notice to other partners in case of:
• On attaining majority when the minor partner elects not to become a partner, his share is not liable for any acts of the firm done —
• When a minor on attaining the age of majority, has elected to become a partner, he becomes personally liable to third parties for all the acts of the firm from the date of his:
• Where no time is expressly stated for its duration and there is no contract to fix the duration, the partnership may be terminated at a moment's notice by the other party. This partnership is called -
• Dissolution of partnership between all the partners of a firm is called:
• Where the maximum number of partners in a firm carrying on banking business exceeds ten and in any other firm exceeds twenty, then the partnership becomes a:
• A partnership for which no period or duration is fixed under the Indian Partnership Act is known as :