Conditions and Warranties: Meaning, Implied Conditions and Warranties
In commercial contracts—especially sale of goods and service arrangements—understanding conditions and warranties is essential for drafting, risk allocation, enforcement, and remedies. The distinction determines whether a breach allows termination or only damages, which is critical for supply, procurement, and banking vendor contracts. Meaning Practical difference Implied conditions Implied warranties Banking and finance relevance Drafting tips…
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Relations of Partners: Duties, Rights, Liabilities, and Firm Property
Partners in a firm stand in a fiduciary relationship, obligated to act with utmost good faith for the greatest common advantage of the firm, while sharing profits and losses per agreement or equally in default of contract. The Indian Partnership Act, 1932 permits partners to vary mutual rights and duties by contract, subject to core…
Read article Definition, Meaning and Nature of a Partnership: Meaning, Essential Characteristics, Types, and LLP
A partnership is the relation between persons who agree to share the profits of a business carried on by all or any of them acting for all, capturing the core idea of mutual agency and shared profit motive under the Indian framework. The form balances entrepreneurial flexibility with personal liability, making it suitable for closely…
Read article Relations of Partners to Third Parties: Authority, Liability, Holding Out, and Special Cases
Partners are agents of the firm for business purposes, so acts within the usual course bind the firm and all partners to third parties, subject to statutory limits, agreed restrictions known to outsiders, and protections for good‑faith third parties. The Indian Partnership Act, 1932 codifies these rules on partner authority, firm liability, holding out, and…
Read article Dissolution of a Firm: Causes, Modes, and Liabilities
Dissolution of a firm means the complete breakup of the partnership relation among all partners and cessation of the firm’s business, followed by winding up, realization of assets, discharge of liabilities, and distribution of any surplus as per rights and agreements. In practice, clear documentation, timely public notice, and disciplined settlement of accounts are critical…
Effect of Non-Registration and Registration of a Partnership Firm
Non‑registration does not invalidate the partnership, but it imposes significant disabilities on enforcing contractual rights in courts; registration cures these disabilities by enabling the firm and partners to sue, claim set‑off, and be formally recognized on the Register of Firms. Section 69 of the Indian Partnership Act, 1932 is the central provision governing these effects…
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