Q. Identify the incorrect statements: (1) When a firm is constituted for a fixed duration it cannot be dissolved before the expiry of that duration. (2) A partnership at will can be dissolved by the wish of even a single partner. (3) When a partner of a firm becomes lunatic, the firm dissolves automatically. (4) Even after dissolution, partners of a firm continue to be liable for acts of the firm until the affairs of the firm are finally wound up. Code: (Solved)

1. 1,2 and 3

2. 1,3 and 4

3. 1,2 and 4

4. 2, 3 and 4

  • b. 1,3 and 4
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