Multiple Choice Questions on A retiring partner can only be discharged form liability towards the creditors of the firm by way of........... for Judicial Services (Master) Preparation

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Multiple Choice Questions

A retiring partner can only be discharged form liability towards the creditors of the firm by way of...........

Indian Partnershoip Act (IPA) 1930 Others
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    A retiring partner can only be discharged form liability towards the creditors of the firm by way of novation, which means:

    Substitution with the creditor's consent, of a new debtor for an old one.

    Incorrect Answer

    Substitution with the other partner's consent, of a new debtor for an old one.

    Incorrect Answer

    Both (a) and (b).

    Incorrect Answer

    Only (a). 

    Correct Answer
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    Explanation:

    Only (a). 

    By: santosh
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