Topics of Law T...

Which of the following statements is not correct?

The Indian Contract Act deals with the following Quasi Contractual Obligations --
(I) Claim for necessaries supplied to a person incompetent to contract.
(II) Reimbursement of money paid, due to another.
(III) Obligation of person enjoying benefit of non gratuitous act
(IV)Responsibility of Finder of Goods.

In contracts of sale of movable properties, time is ____________.

As per Section $$464$$ of the Companies Act, $$2013$$, no association or partnership consisting of more than prescribed persons shall be formed for the purpose of carrying on any business, unless it is registered as a company or is formed under any other law for the time being in force. The number of persons which many be prescribed under this section shall not exceed __________. Rule $$10$$ of Companies(Miscellaneous) Rules, $$2014$$ prescribes __________ persons in this regard.

A partner of an unregistered firm can use the firm or any other partner of the firm to enforce a right arising from a contract or a right conferred by the partnership Act.

Identify which of the following statement is correct and which is incorrect.
P. To constitute a partnership, the parties must have agreed to carry on a business and to share profits in common.
Q The sharing of profits arising from property, by persons holding a joint or common interest in that property, makes those persons, Partners.
R. Sharing of profits also involves sharing of losses.
S. A minor may be admitted to the benefits of a partnership with the consent of majority partners.
Select the correct answer from the options given.

Which of the following act fall outside the implied authority?

When a Partnership Contract is rescinded on ground of fraud or misrepresentation, the party entitled to rescind is also entitled to rank as a creditor of the Firm in respect of.

Which of the following arrangement indicates a partnership?

Where no provision is made by contract between the partners for the duration of their partnership or for the determination of their partnership, the partnership is called __________.