Pakistan study notes for Matric, Intermediate, B.A, B.COM BSC, M.A, BCS. Free Pakistani Urdu educational school, colleges and University notes.

Application of Partnership Act

Application of Partnership Act-Section 3

The Partnership Act does not collect the whole law on the subject of partnership. It is still a branch of the general law of contracts. Section 3 clearly states that the unrepealed provisions of the Contract Act, 1872 shall continue to apply to partnership unless they are inconsistent with the express provisions of the Act. Other provisions which prove incompleteness of Partnership Act are enumerated hereunder.

a. Section 2(e) of the Partnership Act says that the expressions used but not defined in the Partnership Act shall have the same meaning as assigned to them in the Contract Act, 1872.

 

b. Section 3 provides that the unrepealed provisions of the Contract Act, 1872, so far as they are applicable, shall apply to partnership matters.

c. Partnership Act contains no provisions with respect to the mode of administering partnership assets in the event of death or bankruptcy of a partner.

 

d. There is no provision in the Partnership Act regarding the mode of evaluating goodwill of the partnership firm.

e. In deciding a matter in respect of which clear provisions are not contained in the Partnership Act one has to refer to other local Acts. Apply general principles or doctrine of English Law.

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