What do you mean by 'Partnership for a fixed period' as per the Indian Partnership Act,...
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What do you mean by 'Partnership for a fixed period' as per the Indian Partnership Act, 1932? (ii) Can a minor become a partner in a partnership firm? Justify your answer and also explain the rights of a minor in a partnership firm. (b) Srishti, a minor, falsely representing her age, enters into an agreement with an authorised Laptop dealer Mr. Gupta, owner of SP Laptops, for purchase of Laptop on credit amounting 60,000/- for purchasing a laptop, on 1st August 2021. She promised to pay back the outstanding amount with interest @ 16% p.a. by 31st July 2022. She told him that in case she won't be able to pay the outstanding amount, her father Mr. Ram will pay back on her behalf. After One year, when Srishti was asked to pay the outstanding amount with interest she refused to pay the amount and told the owner that she is minor and now he can't recover a single penny from her. She will be adult on 1st January 2024, only after that agreement can be ratified. Explain by which of the following way Mr. Gupta will succeed in recovering the outstanding amount with reference to the Indian Contract Act, 1872. (i) By filing a case against Srishti, a minor for recovery of outstanding amount with interest? (ii) By filing a case against Mr. Ram, father of Srishti for recovery of outstanding amount? (iii) By filing a case against Srishti, a minor for recovery of outstanding amount after she attains maturity? What do you mean by 'Partnership for a fixed period' as per the Indian Partnership Act, 1932? (ii) Can a minor become a partner in a partnership firm? Justify your answer and also explain the rights of a minor in a partnership firm. (b) Srishti, a minor, falsely representing her age, enters into an agreement with an authorised Laptop dealer Mr. Gupta, owner of SP Laptops, for purchase of Laptop on credit amounting 60,000/- for purchasing a laptop, on 1st August 2021. She promised to pay back the outstanding amount with interest @ 16% p.a. by 31st July 2022. She told him that in case she won't be able to pay the outstanding amount, her father Mr. Ram will pay back on her behalf. After One year, when Srishti was asked to pay the outstanding amount with interest she refused to pay the amount and told the owner that she is minor and now he can't recover a single penny from her. She will be adult on 1st January 2024, only after that agreement can be ratified. Explain by which of the following way Mr. Gupta will succeed in recovering the outstanding amount with reference to the Indian Contract Act, 1872. (i) By filing a case against Srishti, a minor for recovery of outstanding amount with interest? (ii) By filing a case against Mr. Ram, father of Srishti for recovery of outstanding amount? (iii) By filing a case against Srishti, a minor for recovery of outstanding amount after she attains maturity?
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Related Book For
Managing Information Technology
ISBN: 978-0131789548
6th edition
Authors: Carol Brown, Daniel W. DeHayes, Jeffrey A. Hoffer, Wainright E. Martin, William C. Perkins
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