According to the textbook context, death of a partner is listed as one of the contingencies that leads to dissolution. The context clearly states that on account of death of a partner, 'the existing partnership is dissolved.' However, it is important to note the distinction that while the partnership is dissolved, 'the firm may continue under the same name if the partners so decide.' This means death of a partner results in dissolution of partnership but not necessarily dissolution of the firm. The statement in the question specifically mentions 'partnership' and not 'firm', making it correct.