Question

According to the principle of indemnification in

Q: Answer-According to the principle of indemnification in partnership law, what obligation does a partner hav...

Partnership Act Section 10. Duty to indemnify for loss caused by fraud Every partner shall indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm.

partnership law, what obligation does a partner have if they commit fraud in the conduct of the firm's business?

A The partner must personally compensate for any losses incurred by the firm, but not for losses due to fraud

B The partner is exempt from indemnifying the firm if the fraud was unintentional

C The partner must indemnify the firm for any loss caused by their fraud in the conduct of the business

D The partner's liability for fraud is limited to the amount of their investment in the firm

E The partner is not liable for any losses caused by their fraud if the fraud was committed for personal gain

Practice Next

More Other Laws and Acts Questions

The term ‘Parliament’ refers to the ____________.
Which country is NOT amongst IFFCO’s international operational bases?
Arrange the following battles in Chronological Order:

I. Battle of Chausa

II. Battle of Buxar

III. Battle of Haldighati
Which of the following statements is FALSE?
Pandit Bhimsen Joshi became the most popular artist of which Gharana?
In Contemporary Carnatic music, how many Melakarta ragas are there?
Who is the author of the book ‘Era of Darkness’ ?
NATO is also called as ____.
Which of the following statement(s) is/ are correct about IIT Guwahati and ISRO Researchers Discovery of X-Ray Polarization in Extragalactic Black Hole ...
Consider the following statements about the International Union for Conservation of Nature

(IUCN):

1. The International Union for Conserva...

According to the principle of indemnification in

Solution