On the happening of certain contingencies, Subject to contract between the partners, a firm is dissolved,
(A) if constituted for a fixed term, by the expiry of that term.
(B) if constituted to carry out one or more ventures, by the completion thereof.
(C) by the death of a partner
(D) by the adjudication of a partner as an insolvent
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → (A), (B), (C) and (D)
" 3. On the happening of certain contingencies: Subject to contract between the partners, a firm is dissolved:
(a) if constituted for a fixed term, by the expiry of that term;
(b) if constituted to carry out one or more ventures, by the completion thereof;
(c) by the death of a partner;
(d) by the adjudication of a partner as an insolvent."