Vol.(17) 2026: IBPS’ Bank Law Officer Entrance/ Promotion Exam- (1-Liners: Partnership-II)

Date of Upload:30.10.2026

1. True/ False: A partnership is primarily a contract of “uberrimae fidei”—True.
2. True/ False: There is a mutual relation of “agency” between the partners—True.
3. True/ False: As per rule of “agency”, if one partner cheats a customer of the partnership firm then all the partners of the partnership firm are liable to compensate the customers—True.
4. Whether it is compulsory to enter into a partnership-deed—No.
5. True/ False: A partner may or may not enter into a partnership deed and may decide to have an oral partnership if they have strong understanding amongst them—True.
6. True/ False: Unlike company, a partnership firm is not required to be compulsorily registered with the Registrar of Partnership Firm—True.
7. True/ False: Though registration of partnership deed is optional, the Partnership Act, 1932 casts certain disabilities on a partnership firm that is not registered—True.
8. Whether consent of all partners is necessary to change the nature of business carried on by the firm—Yes.
9. Whether partnership can arise out of inheritance or status—No, partnership is arisen out of contract.
10. There are three kinds of partnership—Partnership at Will, Partnership for a Fixed Period and Particular Partnership.
11. ‘General duties’ of partners is deals with under Section_______of the Partnership Act, 1932—Section 9.
12. As a general duty, partners are bound to carry on the business of the firm to the greatest common advantage. It is so mandated under Section_______of the PA, 1932—Section 9.
13. True/ False: Every partner shall indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm—True.
14. As per Section _________of the Part Act, every partner shall indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm—Section 10.
15. True/ False: The duty to indemnify for ‘fraud’ is an “absolute” one and no partner can contract himself out of it in the agreement—True.
16. Whether a partner of unregistered fir can file a suit against other partners to get his share of profits—No. [Refer Section 69]
17. Section 69 (effect of non-registration) shall not apply to any suit or claim of set-off not exceeding Rs._________ in value—Rs.100/-
18. True/ False: Even an unregistered Partnership Firm for enforcement of any right, for the matters relating to dissolution of a firm can bring a suit before the Court of Law—True.

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