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  • The Indian Partnership Act, was passed on 1st October 1932, except Sec. 69, which came into force on the 1st day of October, 1933
  • It extends to the whole of India except the state of Jammu and Kashmir
  • Earlier, the Law relating to partnership was contained in Sec. 239 to Sec. 266 of Indian Contract Act, 1872
  • The Indian Partnership Act is specially meant for governing partnership concerns (business) in India
  • The Act mainly contains necessary provisions relating to the formation of a partnership, the right, duties and liabilities of partners and the procedure for its dissolution etc.
  • A contract of partnership is a special contract. Therefore, when an expression that is not defined under The Partnership Act is used, the general principles contained in the Indian Contract Act, 1872 are applied
  • Basic requirements of a contract viz, legally enforceable agreement, mutual consent, parties competent to contract, free consent, lawful object, consideration etc. apply to a partnership contract as well

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