Meaning of ‘Implied Authority’
As per Sec. 18 of the Indian Partnership Act, for the business of the firm, a partner is an agent of the firm. Thus a partner is both an owner of the firm as...
Mixrootmods Managment study material
Rights, Duties and Liabilities of a Partnership
The partnership is created out of an agreement orcontract. As such, every partner has to stick to the duties and enjoy the rights, as mentioned in the Partnership Deed. But when there is no...
Limitations of Partnership
Some of the chief drawbacks or limitations existing in the partnership form of business organisation, might be mentioned as under: (1) Evils of Mutual conflicts- All the partners are entitled to participate in the...
An Ideal Partnership act
An ideal partnership is a word used for a successful business. It is a business where all the partners work honestly and for a common purpose. There is a perfect understanding among them and...
Kinds of Partnership act 1932
classified as under:There are different kinds of partners and they may be 1. Active Partner- An active partner is one who takes active part in the day-to-day working of the business. Henmay act in...
Indian Partnership Act, 1932
The law governing partnership in India is now em-bodied in the Indian Partnership Act, 1932 which came into force [except Sec. 69] on the 1st day of October 1932. Prior to this act, the...
Meaning of Hire-Purchase Agreement
Hire-purchase agreement is an agreement by which goods is let on hire and the hirer has an option to purchase it in accordance with the terms of the agreement; under. 1.Possession of goods is...
Effects of Destruction of Subject Matter in goods sale
Sections 7 and 8 of the Sale of Goods Act 1930 deal with the effect of perishing of goods on the rights and obligations of the parties to a contract of sale. Goods are...
Rights of an Unpaid Seller
The rights of an unpaid seller are classified as following 1.Rights of an unpaid seller against the goods; and 2.Rights of an unpaid seller against the buyer. (1) Unpaid Seller’s Rights Against the Goods...
Right of the Seller
As per Sec. 27 of the Sale of Goods Act, no buyercould acquire a title better than that of the seller. Whatever kind of the right is possessed by the seller, good or bad,...