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Important Legal Principles - 1

The document outlines important legal principles from the Indian Contract Act and Indian Partnership Act 1932. The Contract Act discusses requirements for a valid contract such as consideration, capacity of parties, legality of object and agreement. The Partnership Act discusses properties and rights acquired by a firm, responsibilities of partners, and dissolution of a firm.

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Amar Jindam
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10 views2 pages

Important Legal Principles - 1

The document outlines important legal principles from the Indian Contract Act and Indian Partnership Act 1932. The Contract Act discusses requirements for a valid contract such as consideration, capacity of parties, legality of object and agreement. The Partnership Act discusses properties and rights acquired by a firm, responsibilities of partners, and dissolution of a firm.

Uploaded by

Amar Jindam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Important Legal Principles

Indian Contract Act


1. Agreement without Consideration is Void
2. Agreement with Minor is Void ab Initio
3. Parties to the contract must be competent
Must be major
Must be soundmind
Not disqualified by law from making a contract

4. Object of contract must be lawful


5. Agreement which Restraining marriage is Void
6. Agreement by way of Wager is Void
7. Agreement to do Impossible Act is Void

INDIAN PARTNERSHIP ACT 1932


1. All properties and rights and interest acquired by Firm
Are assets of the firm
2. property of the firm shall be used exclusively for the
purpose of the firm
3. An act or Instrument done by the partner shall be
binding on the firm
3. All partners are jointly and collectively reseponsible for
the acts of the firm
4. Minor cannot be a Partner of Firm but may be
admitted to the benefit of the partnership Firm
5.No person shall be introduced without the consent of
existing partners
6. partners continue to be liable to the third parties after
dissolution until public notice is given of the dissolution
7. Transfer of property means one living person conveys
immovable properties to one or more living person is
present or future

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