According to the Indian Partnership Act, 1932, and subject to a contract between the partners, a firm can be dissolved upon the occurrence of certain contingencies. These include:(A) If constituted for a fixed term, by the expiry of that term.(B) If constituted to carry out one or more ventures, by the completion thereof.(C) By the death of a partner.
- A(A), (B) and (C) only
- B(A), (B) and (D) only
- C(A), (B), (C) and (D)
- D(B), (C) and (D) only
Solution & Step-by-step Explanation
Section 42 of the Indian Partnership Act, 1932 states that, unless otherwise agreed by the partners, a firm is dissolved upon the occurrence of any of the following events:Expiry of a fixed term (A)Completion of the specific venture/undertaking (B)Death of any partner (C)Insolvency/Adjudication of a partner as insolvent (D)Therefore, all four circumstances listed represent valid contingent grounds for dissolution.