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Authority Of A Partner-Performance And Discharge Of Contracts
Business Environment and Law-Performance And Discharge Of Contracts
Authority Of A Partner-Performance And Discharge Of Contracts
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Authority Of A Partner-Performance And Discharge Of Contracts
Authority Of A Partner
A. Express Authority
B. Implied Authority “The act of partner which is done to carry on, in the usual way, business of the
kind carried on by the firm, binds the firm”. Thus the authority of a partner
to bind the firm is called ‘Implied authority”.
C. Authority In An Emergency: A partner has authority in an emergency to do all such acts for the purpose of protecting the firm
from loss as would be done by a person of ordinary prudence, in his own case,
acting under similar circumstances, and such acts bind the firm.
A change in the constitution of the firm occurs when a new partner is admitted or an old partner retires or dies. The partnership is reconstituted on:
Reconstitution Of A Firm
A change in the constitution of the firm occurs when a new partner is admitted or an old partner retires or dies. The partnership is reconstituted on:
1. Admission
2. Retirement
3. Expulsion
4. Insolvency
5. Death of a partner
6. Transfer of interests by a partner.
Dissolution of a firm means an end of the firm. The Indian Partnership Act distinguishes between:
1. Dissolution of firm, and
2. Dissolution of partnership.
Section 39 provides that the dissolution of partnership between all the partners of a firm is called the “dissolution of the firm”.
Dissolution Of A Firm
Dissolution of a firm means an end of the firm. The Indian Partnership Act distinguishes between:
1. Dissolution of firm, and
2. Dissolution of partnership.
Section 39 provides that the dissolution of partnership between all the partners of a firm is called the “dissolution of the firm”.
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