Allocable Surplus :  Allocable surplus means: In relation to an employer, being a company (other than a banking company) which has not made the arrangements ...

A partner cannot be ordinarily expelled from the firm by any majority of the partners. But, if need arises, expulsion may be done while satisfying the ...

Section 72 lays down the manner and the cases in which the public notice of certain matters relating to partnership firm is to be given. According to it, ...

Indian Partnership Act makes a clear distinction between dissolution of firm and dissolution of partnership. The dissolution of partnership between all the ...

Partnership is an agreement and to be valid it must fulfill all the requirements of a valid contract. One of those requirements is competence of parties and, ...

Partners, Firm and Firm Name: The persons who have entered into partnership are individually called ‘partners’ and collectively a ‘firm’. The name under which ...

Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all, Section 4, ...

The object of the contract of sale is to transfer the ownership (property) of the goods to the buyer. Transfer of property is different from the transfer of ...

Lien means right to retain possession of goods until some debt or claim is settled. Right of lien arises by statute, or by contract, or by general course of ...

An auction sale is a public sale where the intended buyers assemble at a place and, offer the price they are willing to pay for the goods and it is sold to the ...

Transfer of title means transfer of ownership of the goods. The general rule as to transfer of title is that only the owner can transfer a good title. No one ...

Condition to be treated as warranty: Section 13 of the Sale of Goods Act lays down the following two conditions when a condition becomes a warranty: Waiver ...