Question : Under dissolution on the happening of certain contingencies, a firm can be dissolved if——–
Option 1: a partner becomes insane
Option 2: a partner becomes insolvent
Option 3: The partnership formed for a particular venture is completed
Option 4: Both (2) and (3)
Answer (1)
23rd Jan, 2024
Correct Answer: Both (2) and (3)
Solution : Dissolution on the occurrence of specific controversies, Section 42. If the partnership was formed for a specific period of time, it will dissolve upon the following events: (a) the end of that period; (b) the conclusion of any adventures or undertakings; (c) the death of a partner; and (d) the designation of a partner as insolvent.
Hence the correct answer is option 4.
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