New FLASH SALE Dhamaka - Flat 60% Off on All Courses

    Question

    According to Indian Partnership Act, 1932 the mutual

    rights and duties of partners in a firm can be determined by:
    A Government regulations Correct Answer Incorrect Answer
    B Court rulings Correct Answer Incorrect Answer
    C Partnership agreement between the partners Correct Answer Incorrect Answer
    D Consumer demands Correct Answer Incorrect Answer
    E Random selection Correct Answer Incorrect Answer

    Solution

    Section 11 of Indian Partnership Act, 1932 Subject to the provisions of this Act, the mutual rights and duties of the partners of a firm may be determined by contract between the partners, and such contract may be expressed or may be implied by a course of dealing. Such contract may be varied by consent of all the partners, and such consent may be expressed or may be implied by a course of dealing. (2) Notwithstanding anything contained in section 27 of the Indian Contract Act, 1872 (9 of 1872), such contracts may provide that a partner shall not carry on any business other than that of the firm while he is a partner.  

    Practice Next

    Relevant for Exams: