Concept Of Incoming And Outgoing Partners

partnership can be defined as voluntary contract between 2 or more competent persons To put in their money, capital, labour, skill, or some or all of them in a lawful business with understanding that there shall be sharing of profit between them. Incoming and outgoing partners are the two basic kinds of defining the types of partners in a partnership firm.

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Agency – The Indian Contract Act, 1872

Chapter X of the Indian Contract Act does not include all the aspects of the agency, it tries to cover general terms and it does it effectively. The concept of the agent is fairly extensive and compressing it into sections is a tedious job but the Indian lawmakers efficiently stood up to the task. This article focuses on the status of minors in the contract of agency, it also tries to highlight the key aspects of agency and differentiates between the relationship of master-servant and principal-agent. Furthermore, the article discusses express agency, implied agency, and agency by estoppel as well as the article clears the clouds of doubts surrounding the agency of necessity. 

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