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Salary/Commission

Every partner...

Question

Every partner is bound to indemnify the firm for any loss caused by ________ in the conduct of the business.

A

Fraud

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B

Misrepresentation

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C

Mistake

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D

Undue influence

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Solution

The correct option is D Fraud
According to the Partnership Act 1932, the liability of the partners are unlimited and they are bound to compensate with the loss of the firm that is caused by the fraud in the conduct of business.

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