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Prior to enactment of The Indian Partnership Act, 1932, the law relating to partnership in India were embodied in
- a)Companies Act
- b)Chapter XI of The Indian Contract Act
- c)Hindu Law
- d)Chapter X of The Indian Contract Act
Correct answer is 'B'. Can you explain this answer?
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Prior to enactment of The Indian Partnership Act, 1932, the law relati...
Prior to enactment of The Indian Partnership Act, 1932, the law relating to partnership in India were embodied in:
The correct answer is Chapter XI of The Indian Contract Act.
Explanation:
The law relating to partnership in India prior to the enactment of The Indian Partnership Act, 1932, was embodied in Chapter XI of The Indian Contract Act. Here's a detailed explanation:
- Chapter XI of The Indian Contract Act: This chapter of The Indian Contract Act, 1872, contained provisions regarding partnerships. It defined a partnership as the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all. It also outlined the rights, duties, and liabilities of partners, as well as rules for dissolution and settlement of accounts.
- Companies Act: The Companies Act primarily deals with the formation, functioning, and regulation of companies, including their incorporation, management, and winding up. It does not specifically address the law relating to partnerships.
- Hindu Law: Hindu Law is a branch of personal law that governs matters such as marriage, inheritance, and adoption among Hindus. It does not specifically deal with the law relating to partnerships.
- Chapter X of The Indian Contract Act: Chapter X of The Indian Contract Act, 1872, is related to the consequences of breach of contract. It does not specifically address the law relating to partnerships.
In summary, prior to the enactment of The Indian Partnership Act, 1932, the law relating to partnership in India was embodied in Chapter XI of The Indian Contract Act, 1872. The Indian Partnership Act, 1932, provided a comprehensive and specific legal framework for partnerships in India.
The correct answer is Chapter XI of The Indian Contract Act.
Explanation:
The law relating to partnership in India prior to the enactment of The Indian Partnership Act, 1932, was embodied in Chapter XI of The Indian Contract Act. Here's a detailed explanation:
- Chapter XI of The Indian Contract Act: This chapter of The Indian Contract Act, 1872, contained provisions regarding partnerships. It defined a partnership as the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all. It also outlined the rights, duties, and liabilities of partners, as well as rules for dissolution and settlement of accounts.
- Companies Act: The Companies Act primarily deals with the formation, functioning, and regulation of companies, including their incorporation, management, and winding up. It does not specifically address the law relating to partnerships.
- Hindu Law: Hindu Law is a branch of personal law that governs matters such as marriage, inheritance, and adoption among Hindus. It does not specifically deal with the law relating to partnerships.
- Chapter X of The Indian Contract Act: Chapter X of The Indian Contract Act, 1872, is related to the consequences of breach of contract. It does not specifically address the law relating to partnerships.
In summary, prior to the enactment of The Indian Partnership Act, 1932, the law relating to partnership in India was embodied in Chapter XI of The Indian Contract Act, 1872. The Indian Partnership Act, 1932, provided a comprehensive and specific legal framework for partnerships in India.
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Prior to enactment of The Indian Partnership Act, 1932, the law relati...
The indian partnership act was a part of indian contract act in the start n then it was seperated from ICA in 1932
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Prior to enactment of The Indian Partnership Act, 1932, the law relating to partnership in India were embodied ina)Companies Actb)Chapter XI of The Indian Contract Actc)Hindu Lawd)Chapter X of The Indian Contract ActCorrect answer is 'B'. Can you explain this answer?
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