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Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?
- a)Rahim can recover the entire amount from Ram.
- b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.
- c)Rahim cannot recover any amount from Ram.
- d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by execu...
Explanation:
Joint Liability:
- When two or more persons jointly borrow money and execute a promissory note, they are jointly liable to repay the debt.
Ram's Liability:
- In this case, Ram, Rohit, and Kiran jointly borrowed Rs. 2,00,000 from Rahim.
- Since Rohit and Kiran are not traceable, Ram is liable to pay the entire amount to Rahim as per the joint liability clause.
Legal Principle:
- As per the legal principle of joint liability, when one of the debtors is not traceable, the other debtors are liable to pay the entire debt.
Conclusion:
- Therefore, Rahim can recover the entire amount of Rs. 2,00,000 from Ram, as Ram is jointly liable for the debt along with Rohit and Kiran.
Joint Liability:
- When two or more persons jointly borrow money and execute a promissory note, they are jointly liable to repay the debt.
Ram's Liability:
- In this case, Ram, Rohit, and Kiran jointly borrowed Rs. 2,00,000 from Rahim.
- Since Rohit and Kiran are not traceable, Ram is liable to pay the entire amount to Rahim as per the joint liability clause.
Legal Principle:
- As per the legal principle of joint liability, when one of the debtors is not traceable, the other debtors are liable to pay the entire debt.
Conclusion:
- Therefore, Rahim can recover the entire amount of Rs. 2,00,000 from Ram, as Ram is jointly liable for the debt along with Rohit and Kiran.
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Community Answer
Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by execu...
To determine the correct statement, let's analyze the situation:
1. Ram, Rohit, and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note.
2. Rohit and Kiran are not traceable.
3. Rahim wants to recover the entire amount from Ram.
4. Ram objects this move by saying he is liable to pay 1/3 of the debt only.
Now let's evaluate the options:
A: Rahim can recover the entire amount from Ram.
- This statement is incorrect because Ram is not solely liable for the entire debt. Joint borrowers are equally responsible for the repayment.
B: Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.
- This statement is also incorrect because Ram is not solely liable for only 1/3 of the debt. Joint borrowers are equally responsible for the repayment.
C: Rahim cannot recover any amount from Ram.
- This statement is incorrect as well because joint borrowers are equally responsible for the repayment. Ram cannot escape his liability.
D: The promissory note is not executable against Ram as Rohit and Kiran are not traceable.
- This statement is also incorrect because Ram is still liable to pay his portion of the debt, regardless of the traceability of Rohit and Kiran.
Therefore, the correct statement is A: Rahim can recover the entire amount from Ram.
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Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer?
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Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer?.
Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer?.
Solutions for Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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