Match List I with List IIList IList IIA. Mutual AgencyI. It can be or…

Match List I with List II

List I	List II
A. Mutual Agency	I. It can be oral or written
B. Agreement	II. Written agreement
C. Liability of partners	III. Partnership concern carried by all or any of them acting for all.
D. Partnership deed	IV. Joint and unlimited

Choose the correct answer from the options given below:

Answer & explanation

Correct answer: option 1

The correct answer is Option (1) → A-III, B-I, C-IV, D-II

(A) Mutual Agency — this matches (III) Partnership concern carried by all or any of them acting for all. Each partner acts for the others, so each is both a principal and an agent.

(B) Agreement — this matches (I) It can be oral or written. A partnership arises from an agreement, and an oral agreement is as valid as a written one.

(C) Liability of partners — this matches (IV) Joint and unlimited. Each partner is liable jointly and severally for the acts of the firm, and the liability is unlimited, so his private assets can be used to pay the firm's debts.

(D) Partnership deed — this matches (II) Written agreement. The deed is the written agreement that sets out the terms of the partnership.

NCERT (2026-27 edition):
Nature of Partnership – “… 4. Mutual Agency: The business of a partnership concern may be carried on by all the partners or any of them acting for all.”

NCERT (2026-27 edition):
Partnership Deed – “Partnership comes into existence as a result of agreement among the partners. The agreement can be either oral or written. The Partnership Act does not require that the agreement must be in writing. But wherever it is in writing, the document, which contains terms of the agreement is called ‘Partnership Deed’.”

NCERT (2026-27 edition):
Nature of Partnership – “… 6. Liability of Partners: Each partner is liable jointly with all the other partners and also severally to the third party for all the acts of the firm done while he is a partner. Not only that the liability of a partner for acts of the firm is also unlimited. This implies that his private assets can also be used for paying off the firm’s debts.”