TYPES OF PARTNERS i) Partner by holding out or Partner by Estoppel. The rule of agency by Estoppel has been extended to the case of partnership too. Holding out is merely application of the principle of Estoppel which is a rule of evidence wherein a person is prevented or ‘estopped’ from denying a statement he […]
LIABILITIES OF THE FIRM AND THE PARTNER(S) Liabilities of a partner arise from non-compliance with his duties under the Indian Partnership Act. Section 9 says that a partner is liable in the following cases: i) for not carrying on the business of the firm to the greatest common advantage. ii) for not being […]
INTRODUCTION In the pre-Islam Arabia, the laws were favourable towards males and discriminatory against the women. Polygamy had to be accounted for in a very few blood relationships like in marriage with one’s real mother or sister. Marriages were of different kinds and divorce was simple and easy for the man. With absolute rights vested […]
NATURE OF CONTRACT OF INDEMNITY Indemnity can be treated as a sub-species of compensation and a Contract of Indemnity is a species of contracts. The obligation to indemnify is a voluntary obligation taken by the indemnifier. Mere possibility of loss occurring will not make the indemnifier liable. Loss to the indemnity holder is essential, otherwise, […]
PARTNERSHIP PROPERTY It is essential to settle out legally what is the property of the firm. Assignment and dealings with the firm property by the partners has to be in accordance with the law. Theoretically, a firm is not a legal person and therefore the property of the firm is actually the joint property of […]
INTRODUCTION The term ‘property’ has not been defined in the Act. When Section 6 of the Act says ‘property of any kind’ it implies every possible interest or right that can be possessed and is a subject of ownership. It can be tangible or intangible. It can be a physical object or something abstract. Property […]
We have read about the law of contract in the Indian Contract Act, 1872 from Sections 1 to 75. Now we will deal with specific contracts namely, indemnity, guarantee, bailment and agency. These contracts are contained within the Indian Contract Act, 1872 as well as other acts like Indian Partnership Act, 1932 and the Sale […]
Section 11 lays down that partners in a firm may write an agreement that prescribes the rights and duties of the partners. The partners cannot go beyond the terms and conditions or the boundaries laid down in such an agreement. The agreement may be varied by consent of all the partners, and such consent may […]
Notes to Help 