The Indian Partnership Act was enacted in 1932 and it came into force on 1st day of October, 1932. The present Act superseded the earlier law relating to Partnership, which was contained in Chapter XI of the Indian Contract Act, 1872. The Act is not exhaustive. It purports to define and amend the law relating to Partnership.
Due to the fact that a partnership is the result of a contract, this contract is governed by both the Partnership Act’s specific provisions and the general law of contracts in those situations where the Partnership Act is silent. The Partnership Act specifically states that the Indian Contract Act, 1872’s unabrogated clauses would still apply, unless they are in conflict with other parts of this Act. Therefore, a partnership contract is also subject to the rules pertaining to offer and acceptance, consideration, free consent, legality of object, etc. that are contained in the Indian Contract Act
On the other hand, because Section 30 of the Indian Partnership Act has a specific provision, the situation of a minor is governed by the Partnership Act. If you want to be a judicial officer and are looking for RJS coaching, here, at Jyoti Judiciary we provide comprehensive study material to make your preparation solidified and topnotch. From preliminary mock tests, to mains answer writing sessions every material required for clearing the exam is provided. We have separate legal current affairs classes, legal general knowledge, current affairs classes all in one time enrolment. Hurry up.
