Browsing Category »Mercantile Law«

LLP Explained

May 28, 2011

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In India there is a splurge of unemployment for the last few decades and for self employment an individual has many options such as sole proprietorship, partnership, company etc. But each form suffers a lot of disadvantages and advantages. Thus after a lot of efforts  a new style of corporate entity has been allowed in […]

Limitation of Liability- A Safety Net For The Contracting Party

May 26, 2011

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Limitation of liability in layman’s language means limiting once liability to an agreed amount. It often happens that while performing a contract, the party might breach the contract (not necessary willfully). In such cases, it is not possible to pay the whole of the total damage as it might lead to the party getting insolvent […]

The Legal Position of Customs/Usage of Trade In View of Indian Contract Act, 1872

April 29, 2011

Comments Off on The Legal Position of Customs/Usage of Trade In View of Indian Contract Act, 1872

A trade practice that is so common in a particular region which is that an expectation of its being followed in a given particular transaction is justified.It is usual and customary practice or set of practices connected with a particular type of business or trade. The rights, duties and obligation under a contract may arise […]

Dissolution of Partnership Firm

March 23, 2011

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Dissolution of Partnership Firm

When the relation between all the partners of the firm comes to an end, this is called dissolution of the firm. Section 39 of the Indian Partnership Act, provides that “the dissolution of the partnership between all the partners of a firm is called the dissolution of a firm.” It implies the complete break down […]

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