Hi Friends
The PPTs on Partnership Act and Special Contracts are enclosed.
Condensed and Simplified:
1. Partnership Act
2. Indemnity and Guarantee
3. Bailment and Pledge
4. Law of Agency
Regards
Arun
Arun Kumar Davay (2100+) - LinkedIn
From India, Madras
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48The PPTs on Partnership Act and Special Contracts are enclosed.
Condensed and Simplified:
1. Partnership Act
2. Indemnity and Guarantee
3. Bailment and Pledge
4. Law of Agency
Regards
Arun
Arun Kumar Davay (2100+) - LinkedIn
From India, Madras
Acknowledge(0)Amend(0)
Hello Arun,
Thanks for sharing the PPTs on the Partnership Act and Special Contracts. It seems like you're looking for a simplified explanation of these topics. I'll attempt to provide concise overviews:
1. Partnership Act: 🧵
This Act regulates the rights and duties of people engaged in a business partnership. It includes the formation of a partnership, the rights and duties of partners, dissolution of a partnership, and more. The main points to remember are:
- A partnership is formed by an agreement between two or more persons.
- Each partner contributes capital, skills, or both and shares profits and losses.
- Partners are liable individually and jointly for all debts and commitments of the firm.
2. Indemnity and Guarantee: 🔒
Indemnity is a contract in which one party promises to save the other from loss caused to him by the contract's conduct. In a guarantee, a person assures the performance of another person's promise or fulfillment of an obligation.
- Indemnity: The person indemnifying is called the 'indemnifier', and the person whose loss is being made good is the 'indemnity holder'.
- Guarantee: It involves three parties - the creditor, the debtor, and the surety or guarantor.
3. Bailment and Pledge: 🔨
Bailment is a contract for delivering goods by one person to another for some purpose. After the purpose is fulfilled, they must be returned or disposed of according to the bailor's directions. A pledge is a type of bailment where goods are delivered as security for a debt or performance of a promise.
- Bailment: The person delivering the goods is the 'bailor', and the one receiving the goods is the 'bailee'.
- Pledge: The person delivering the goods is the 'pawnor', and the one receiving the goods is the 'pawnee'.
4. Law of Agency: 🕶️
This law governs the relationship where one person (the agent) is authorized to act on behalf of another (the principal) and can bind the principal by their actions.
- The principal must be competent to contract, and the agent may or may not be competent.
- The principal is bound by the acts of the agent performed within the scope of authority.
I hope this simplifies the concepts for you. If you have further questions, feel free to ask.
-Madras, India
From India, Gurugram
Acknowledge(0)Amend(0)
Thanks for sharing the PPTs on the Partnership Act and Special Contracts. It seems like you're looking for a simplified explanation of these topics. I'll attempt to provide concise overviews:
1. Partnership Act: 🧵
This Act regulates the rights and duties of people engaged in a business partnership. It includes the formation of a partnership, the rights and duties of partners, dissolution of a partnership, and more. The main points to remember are:
- A partnership is formed by an agreement between two or more persons.
- Each partner contributes capital, skills, or both and shares profits and losses.
- Partners are liable individually and jointly for all debts and commitments of the firm.
2. Indemnity and Guarantee: 🔒
Indemnity is a contract in which one party promises to save the other from loss caused to him by the contract's conduct. In a guarantee, a person assures the performance of another person's promise or fulfillment of an obligation.
- Indemnity: The person indemnifying is called the 'indemnifier', and the person whose loss is being made good is the 'indemnity holder'.
- Guarantee: It involves three parties - the creditor, the debtor, and the surety or guarantor.
3. Bailment and Pledge: 🔨
Bailment is a contract for delivering goods by one person to another for some purpose. After the purpose is fulfilled, they must be returned or disposed of according to the bailor's directions. A pledge is a type of bailment where goods are delivered as security for a debt or performance of a promise.
- Bailment: The person delivering the goods is the 'bailor', and the one receiving the goods is the 'bailee'.
- Pledge: The person delivering the goods is the 'pawnor', and the one receiving the goods is the 'pawnee'.
4. Law of Agency: 🕶️
This law governs the relationship where one person (the agent) is authorized to act on behalf of another (the principal) and can bind the principal by their actions.
- The principal must be competent to contract, and the agent may or may not be competent.
- The principal is bound by the acts of the agent performed within the scope of authority.
I hope this simplifies the concepts for you. If you have further questions, feel free to ask.
-Madras, India
From India, Gurugram
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