Law Learning

 Explain the various kinds of partners and precedure for dissolution of a partnership firm. Kinds of Partners Active Partner : Also known as a managing partner, this partner takes an active role in the day-to-day operations of the business. Sleeping Partner : This partner invests capital in the business but does not participate in its management. Nominal Partner : This partner lends their name to the business but does not invest capital or participate in management. Partner by Estoppel : This partner is not officially a partner but behaves in a way that leads others to believe they are. Partner in Profits Only : This partner shares in the profits of the business but not in its losses. Minor Partner : A minor can be admitted to the benefits of partnership with the consent of all partners. Procedure for Dissolution of a Partnership Firm Dissolution by Agreement (Section 40) : The firm may be dissolved with the consent of all partners or as per the terms of the partnership agreement. ...

Elucidate the rights and duties of a seller and buyer. Under the Indian Sale of Goods Act, 1930, the rights and duties of a seller and buyer are clearly defined to ensure fair and transparent transactions. Rights and Duties of a Seller Rights of a Seller Right to Lien (Section 47) : The seller has the right to retain possession of the goods until the full payment is made. Right to Stoppage in Transit (Section 50) : If the buyer becomes insolvent, the seller can stop the goods in transit and regain possession. Right to Resell (Section 54) : The seller has the right to resell the goods under certain conditions, such as when the goods are perishable or when the seller has given notice to the buyer of their intention to resell. Right to Sue for Price (Section 55) : The seller can sue the buyer for the price of the goods if the property in the goods has passed to the buyer. Duties of a Seller Duty to Deliver Goods : The seller must deliver the goods as per the contract terms. Duty to Ensure...

 Examine the rights and duties of an unpaid seller in the light of Indian Sale of Goods Act. Under the Indian Sale of Goods Act, 1930, an unpaid seller is a seller to whom the whole of the price has not been paid or tendered. The rights and duties of an unpaid seller are outlined in Sections 45 to 54 of the Act. Rights of an Unpaid Seller Right of Lien (Section 47) : The unpaid seller has the right to retain possession of the goods until payment is made. Right of Stoppage in Transit (Section 50) : If the buyer becomes insolvent, the unpaid seller can stop the goods in transit and regain possession. Right of Resale (Section 54) : The unpaid seller has the right to resell the goods under certain conditions, such as when the goods are perishable or when the seller has given notice to the buyer of their intention to resell. Right to Sue for Price (Section 55) : The unpaid seller can sue the buyer for the price of the goods if the property in the goods has passed to the buyer. Duties of...

 What is a Contract of Indemnity? Illustrate your answer. A Contract of Indemnity is defined under Section 124 of the Indian Contract Act, 1872. It refers to a contract in which one party promises to save the other from loss caused to them by the conduct of the promisor or by the conduct of any other person. Key Elements of a Contract of Indemnity Promise to Indemnify : There must be a promise to compensate for the loss. Loss : The loss must be caused by the conduct of the promisor or any other person. Protection : The indemnity holder is protected against the loss. Case Laws Illustrating Contract of Indemnity Adamson v. Jarvis (1827) : In this case, the plaintiff, an auctioneer, sold goods on the instructions of the defendant. It was later found that the goods did not belong to the defendant, and the true owner held the auctioneer liable. The court held that the auctioneer could recover the loss from the defendant who had given the instructions. Gajanan Moreshwar v. Moreshwar Mada...

  State the provisions of the Partnership Act regarding the expulsion of a partner. Here is what the Indian Partnership Act, 1932, says regarding the expulsion of a partner. Expulsion of a Partner The expulsion of a partner is governed by Section 33 of the Indian Partnership Act, 1932. According to this section, a partner may be expelled from the firm only if the following conditions are met: Authority of the Partners : The expulsion must be in accordance with the terms of the partnership agreement. If the partnership agreement does not provide for expulsion, then a partner cannot be expelled. Good Faith : The expulsion must be carried out in good faith. This means that the expulsion should be in the best interest of the partnership and not for any personal gain or malice. Relevant Case Laws Blisset v. Daniel (1853) : This case established that the expulsion of a partner must be done in good faith and in the best interest of the part...

Define partnership. What are the essential characteristics? What do you understand by a firm and firm name. State the differences between a partnership and a firm. Sure, let's dive into the intricacies of partnership law in India. Definition of Partnership A partnership is defined under Section 4 of the Indian Partnership Act, 1932. It states that "Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all." Essential Characteristics of a Partnership Agreement : There must be an agreement between the partners. This agreement can be oral or written. Business : The partnership must be formed to carry on a business. The term 'business' includes every trade, occupation, and profession. Profit Sharing : The partners must agree to share the profits of the business. Sharing of losses is not essential. Mutual Agency : The business must be carried on ...