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Universal Law of Success
--------------- Print Magazine --------------
  May 2016
  April 2016





Principle: A partner has implied authority to raise a loan on behalf of the partnership business, if it is necessary in the usual course of business.

Factual Situation: X, Y and Z are partners in a firm of Chartered Accountants. They had agreed that none of them would contract a loan in the name of the firm without the consent of all the partners. Nevertheless, X took a loan from a Bank in the name of the firm and spent the money for his own personal purposes. Now, the Bank demanded the repayment from the partnership firm.


(a) The partnership firm is not liable, because X spent the money for his personal use

(b) The partnership firm is not liable, because all the partners did not agree for raising loan

(c) The partnership firm is liable, because X is a partner of the firm

(d) None of the above

The answer is (c)


In questions given below, a statement is followed by two assumptions I and II. An assumption is something supposed or taken for granted. You have to consider the statements and following assumptions to decide which of the assumptions is implicit in the statement. Give answer

(a) if only assumption I is implicit,

(b) if only assumption II is implicit,

(c) if both I and II are implicit, and

(d) if neither I nor II is implicit.

1. STATEMENT: Double your money in 5 months - An Advertisement.


I. The assurance is not genuine.

II. People want their money to grow.

The answer is (b)

2. STATEMENT: In case of any difficulty about this case, you may contact our company's lawyer.


I. Each company has a lawyer of its own.

II. The company's lawyer is thoroughly briefed about this case.

The answer is (b)

3. STATEMENT: Unemployment allowance should be given to all unemployed Indian youth above 18 years of age.


I. There are unemployed youth in India who need monetary support.

II. The Government has sufficient funds to provide allowance to all unemployed youth.

The answer is (a)


Refer to the following information to answer the question:

Seven college students, Harish, Pinky, Sushmita, Lalitha, Mukesh, Nagesh and Onkar apply to a training office for placements in internships with local business. The training office has exactly seven internships available in two different business i.e. ABC Corporation and Jagdeep Enterprises. Each business may take either three or four students. The training office also has to consider the following requirements:-

(1) Harish and Pinky must not work for the same business.

(2) Nagesh and Lalitha must work for the same business.

(3) If Pinky and Sushmita work for the same business, then that business must hire four students.

(4) Mukesh must work for Jagdeep Enterprises.

(5) ABC Corporation may only hire four students, if Pinky is one of those students.

1. If ABC Corporation only takes three students, then which of the following must be false?

(a) Nagesh and Sushmita work for the same office

(b) Sushmita works for Jagdeep Enterprises

(c) Onkar works for Jagdeep Enterprises

(d) Lalitha and Harish work for the same office

The answer is (a)

2. If Nagesh is one of the four students placed at Jagdeep Enterprises, then which of the following could be true?

(a) Harish works for Jagdeep Enterprises

(b) Lalitha and Onkar work for the same office

(c) Pinky and Onkar both work for ABC Corporation

(d) Sushmita and Onkar both work for ABC Corporation

The answer is (d)

3. If Pinky works for ABC Corporation, then which of the following statements must be true?

(a) Sushmita works for ABC Corporation

(b) Onkar works for ABC Corporation

(c) Lalitha and Onkar work for the same office

(d) Nagesh does not work for Jagdeep Enterprises

The answer is (d)

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