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CSEET · Business Laws and Management · Elements of Law relating to Partnership and Limited Liability Partnership

Match the situation with the rule on mutual rights and duties of partners, subject to contract. (P) Change in the constitution of the firm; (Q) Fixed-term firm continuing after expiry; (R) Firm formed for specific adventures that undertakes other adventures. (1) Rights and duties same as for the original adventures; (2) Rights and duties in the reconstituted firm remain the same as before the change, as far as may be; (3) Rights and duties same as before expiry, so far as consistent with partnership at will.

The correct matching is P-2, Q-3, R-1. After a change in constitution, rights and duties remain the same as far as may be; after expiry of a fixed term they continue so far as consistent with partnership at will; for other adventures they match the original ones.

  1. AP-1, Q-2, R-3
  2. BP-2, Q-3, R-1Correct
  3. CP-3, Q-1, R-2
  4. DP-2, Q-1, R-3

Explanation

Section 17(a) gives P-2, section 17(b) gives Q-3, and section 17(c) gives R-1. The other options misplace at least one of these pairings.

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