In the business world, a contract plays an important role. Contracts are the assurance to both the parties that they will get their work done without fail and if either one of the parties doesn’t perform the duty they are bound to perform as per the contract. They have to pay the damages for the […]
With the changing times and advancements in technology, more and more companies and firms started to show up and it has become really important to regulate the functioning of these firms in India. Hence, the Indian Partnership Act, of 1932 was brought into the picture. It is a well-known fact that Indian law is influenced
bank is a financial intermediary and creates money by lending money to a borrower, thereby creating a corresponding deposit on the bank’s balance sheet. A banking system is a group or network of institutions that provide financial services to the society. Banking sector acts as the backbone of modern business.
A partnership is an arrangement between two or more people to engage collectively in business operations and share its profits and liabilities. [1] Partnership is the oldest form of business model for organization constituted by more than one person. There are various types of partnerships, to classify the types of partnership; there are four major
As per contract of sale, a seller is bound to convey the goods sold and in return, the buyer is bound to pay the necessary price for that particular goods. This is called reciprocal promise [1]. There are some certain circumstances when a buyer fails to pay the necessary amount to the seller and the
partnership can be defined as voluntary contract between 2 or more competent persons To put in their money, capital, labour, skill, or some or all of them in a lawful business with understanding that there shall be sharing of profit between them. Incoming and outgoing partners are the two basic kinds of defining the types of partners in a partnership firm.
Negotiable Instruments are written and signed documents which create a right in favour of any person and is freely transferable.
According to Section 6 of the Negotiable Instruments Act, 1881, a “cheque” is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and cheque in the electronic form.[1] In simpler words, a cheque is an
The term partnership is derived from the word ― “to part”, which means ― “to divide”. A partnership is a relationship where two or more persons, having compatible goals, form an agreement to share the work, risk and results or proceeds. Persons who have entered into partnership with one another are identified as partners. The
