On the happening of certain contingencies, Subject to contract between the partners, a firm is dissolved ,

(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

(D) by the adjudication of a partner as an insolvent

Choose the correct answer from the options given below:

As per Section 42 of the Indian Partnership Act, 1932, a firm is dissolved upon the happening of certain contingencies, subject to a contract between the partners.

Let's examine each statement:

(A) Fixed term expiry: When a partnership is constituted for a fixed term, it automatically dissolves on the expiry of that term. This is valid.

(B) Completion of ventures: When a partnership is formed to carry out one or more specific ventures, it dissolves upon completion of those ventures. This is valid.

(C) Death of a partner: The death of a partner leads to dissolution of the firm unless the partnership deed provides otherwise. This is valid.

(D) Insolvency of a partner: When a partner is adjudicated as insolvent, the firm dissolves unless there's a contract stating otherwise. This is valid.

All four conditions mentioned in statements A, B, C, and D are recognized grounds for dissolution of a partnership firm under the Act, subject to any agreement between partners.

Correct Answer: Option 3 - (A), (B), (C) and (D)