What are the Rules Regarding Settlement of Accounts of a Firm After Dissolution? Explain Fully Introduction When a partnership firm is dissolved, it means that the business comes to an end, and all business operations are stopped. The next important step is to settle the accounts of the firm, which includes payment of debts, distribution […]
Explain the Law Related to Ambiguous and Inchoate Instruments Introduction The Negotiable Instruments Act, 1881 governs the use of financial documents like cheques, promissory notes, and bills of exchange in India. Among the many legal concepts under this law, the terms “ambiguous instruments” and “inchoate instruments” are important. These instruments refer to documents that are
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“Insufficiency of Consideration is Immaterial, but a Valid Contract Must be Supported by Lawful and Real Consideration.” Comment Introduction In contract law, consideration is one of the essential elements required to form a valid contract. It refers to something of value exchanged between the parties. The Indian Contract Act, 1872 emphasizes that although the consideration
Who are Treated as Persons of Unsound Mind? State the Legal Positions of Contracts with Such Persons Introduction Under the Indian Contract Act, 1872, a valid contract must be entered into by persons who are competent to contract. One of the conditions for competency is that the person must be of sound mind at the
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