CA Foundation Exam > CA Foundation Questions > An unregistered firm cannot claima)Set onb)Se...
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An unregistered firm cannot claim
- a)Set on
- b)Set off
- c)Set on and set off
- d)None of the above
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
An unregistered firm cannot claima)Set onb)Set offc)Set on and set off...
The correct answer is (b) Set off.
Explanation:
Set on:
- Set on is not applicable in this context. The term "set on" usually refers to initiating or starting something, such as a project, but it is not relevant to the context of unregistered firms.
Set off:
- Set off refers to the legal right of a debtor to reduce the amount payable to a creditor by deducting the amount the creditor owes to the debtor.
- In the context of an unregistered firm, it cannot claim set off because it is not legally recognized. This means that the firm does not have the legal capacity to enter into a contract or enforce its rights, including the right to set off.
Set on and set off:
- This option combines the two terms explained above, but as mentioned earlier, the term "set on" is not applicable in this context.
None of the above:
- This option would imply that an unregistered firm can claim something other than set on or set off. However, the correct answer is set off, as unregistered firms cannot claim set off due to their lack of legal recognition.
In conclusion, an unregistered firm cannot claim set off, which is the correct answer (b), because it does not have the legal capacity to enforce its rights or enter into contracts.
Set on:
- Set on is not applicable in this context. The term "set on" usually refers to initiating or starting something, such as a project, but it is not relevant to the context of unregistered firms.
Set off:
- Set off refers to the legal right of a debtor to reduce the amount payable to a creditor by deducting the amount the creditor owes to the debtor.
- In the context of an unregistered firm, it cannot claim set off because it is not legally recognized. This means that the firm does not have the legal capacity to enter into a contract or enforce its rights, including the right to set off.
Set on and set off:
- This option combines the two terms explained above, but as mentioned earlier, the term "set on" is not applicable in this context.
None of the above:
- This option would imply that an unregistered firm can claim something other than set on or set off. However, the correct answer is set off, as unregistered firms cannot claim set off due to their lack of legal recognition.
In conclusion, an unregistered firm cannot claim set off, which is the correct answer (b), because it does not have the legal capacity to enforce its rights or enter into contracts.
Most Upvoted Answer
An unregistered firm cannot claima)Set onb)Set offc)Set on and set off...
It was held that the bar under Section 69 is with respect to the filing of a suit, claim of set-off or other proceedings to enforce a right arising from a contract by an unregistered partnership firm. The proceedings arising out of an award cannot be put on par with the proceedings arising out of an agreement.
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Community Answer
An unregistered firm cannot claima)Set onb)Set offc)Set on and set off...
Explanation:
Unregistered firms do not have the legal recognition to claim set off. Let's break down each option to understand why a firm cannot claim set off if it is unregistered:
Set on:
- Set on refers to the right of a creditor to appropriate any payment made by the debtor towards a particular debt.
- An unregistered firm can exercise this right as it pertains to the specific debt owed to them.
Set off:
- Set off is a legal right that allows a debtor to reduce the amount of a debt by the amount of a claim.
- An unregistered firm cannot claim set off because it does not have the legal standing or recognition to enforce this right.
Set on and set off:
- Since an unregistered firm cannot claim set off, it also cannot claim both set on and set off together.
- Therefore, the correct answer is option 'B' - An unregistered firm cannot claim set off.
In conclusion, the lack of registration deprives a firm of certain legal rights and privileges, including the ability to claim set off. It is essential for firms to comply with registration requirements to fully exercise their legal rights and protections.
Unregistered firms do not have the legal recognition to claim set off. Let's break down each option to understand why a firm cannot claim set off if it is unregistered:
Set on:
- Set on refers to the right of a creditor to appropriate any payment made by the debtor towards a particular debt.
- An unregistered firm can exercise this right as it pertains to the specific debt owed to them.
Set off:
- Set off is a legal right that allows a debtor to reduce the amount of a debt by the amount of a claim.
- An unregistered firm cannot claim set off because it does not have the legal standing or recognition to enforce this right.
Set on and set off:
- Since an unregistered firm cannot claim set off, it also cannot claim both set on and set off together.
- Therefore, the correct answer is option 'B' - An unregistered firm cannot claim set off.
In conclusion, the lack of registration deprives a firm of certain legal rights and privileges, including the ability to claim set off. It is essential for firms to comply with registration requirements to fully exercise their legal rights and protections.
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An unregistered firm cannot claima)Set onb)Set offc)Set on and set offd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?
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