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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