A:
The provisions of the Indian Contract Act, 1872 are generally still applicable to partnerships.
B:
The mutual rights and duties of the partners of a firm may be determined by contract between the partners.
C:
A firm is not a juristic person, or a person in law, but is merely an association of individuals.
D:
Liabilities of the firm cannot be enforced against a partner of the firm personally.
E:
A partner is an agent of the firm for the purposes of the business of the firm.
Explanation
The least accurate statement about partnership law in India is:
D: Liabilities of the firm cannot be enforced against a partner of the firm personally.
Explanation :
Statement D is not entirely accurate. In a partnership firm, the liabilities of the firm can be enforced against the partners personally to the extent of their agreed contribution or liability as per the partnership agreement. Partners in a partnership firm can be held personally responsible for the debts and obligations of the firm to the extent of their partnership shares or agreed-upon liability.
The other statements (A, B, C, and E) accurately reflect principles of partnership law in India, such as the applicability of the Indian Contract Act, the role of contracts among partners, the nature of a firm as an association of individuals, and the agency relationship of partners within the firm.
