Agreement to share profits _________.

Implies an agreement to share losses
Does not necessarily mean an agreement to share losses
Must be coupled with an agreement to share losses
Is same as agreement to share losses

Which of the following is correct:

Liability of a partner in a partnership firm is unlimited.
Liability of a member of a HUF is unlimited.
Both the above.
None of the above

The rights of a minor when admitted to the benefits of the partnership include

Right to share of the property and profits of the firm as may be agreed upon.
Right to have access to and inspect and copy of the account of the firm.
Right to cast his vote on the question of appointment of the managing partner.
(a) & (b) but not (c)

Acceptance is deemed to take place when the buyer

Intimates to the seller that he had accepted the goods.
Does any act to the goods, which is inconsistent with the ownership of the seller.
Retains the goods after the lapse of a reasonable time, without intimating to the seller that he has rejected them.
Either (a) or (b) or (c).

Finder of goods is subject to the same responsibility as of :

Owner
Caretaker
Bailee
Buyer

A void contract is a contract without any legal effect and cannot be enforced in a Court of law. The following are instances of void contracts:

Agreements entered under mistake of fact.
Agreements by way of wager.
Agreements made without consideration.
All of the above

In case of sale

Property in goods does not pass to the buyer.
Risk in the goods does not pass to the buyer.
Both of the above.
None of the above

A contract between A, B and C was executed whereby A pays money to B for delivering some goods to C. C has not paid any consideration. Can C enforce the agreement?

Yes, as he is the beneficiary of Trust.
Yes but the same can only be done jointly with A.
No as C did not pay the consideration.
A and only A can enforce the agreement.

Ratification by a minor of a contract entered during minority, even after he attains majority is not allowed.

The above statement is correct.
The above statement is partly correct.
The above statement is incorrect. (d) The above statement is irrelevant

Compulsory Dissolution includes

Dissolution by the adjudication of all the partners or of all the partners but one as insolvent.
Dissolution by the business of the firm becoming unlawful.
Both of the above.
None of the above

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