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 —

Related MCQs

• 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:
• The partners authority to act for the firm and to bind their co-partners continues even after the dissolution of the firm:
• A, B and C are partners of an unregistered firm. D owns this firm ` 1000 on a contract. The firm filed a suit against D the suit is dismissed for non-registration of the firm. The firm is registered later on. In this case which one of the following statements is MOST appropriate.
• A promises B not to carry on a similar business as that of B if B pays him a certain amount. B pays the money but A continues to carry on the business. B can
• A leaves a firm doing a particular business in Mumbai. He agrees with the other partners of the firm not to start a similar business as that of the firm in and around Mumbai for 3 years. This agreement is
• X leaves a firm doing a particular business in Delhi. He agrees with other partners of the firm not to start a similar business as that of the firm in Delhi for 2 yea` This agreement is
• Partners are bound to carry on the business of the firm —
• If any event happens which makes it unlawful for the business of the firm to be carried on or for the partners to carry it on it partnership, then
• When goodwill of the firm, the selling partners may agree with the buyer that they will not carry on similar business, within a specified period or within specified local limits. Such agreement in restraint of trade shall be :
• Upon dissolution, the firm's assets after settlement of the debts of the firm to third parties and partners' Loans, shall then be applied in —