I’m often asked which contract casebooks I recommend. I have, however, found the best answer is a book without cases. While they are helpful study aids, many of the materials published in the popular cases books are out-of-date and contain errors. This might seem like you’re getting gypped off learning from actual contract cases, but it’s not. You assigned to such projects as a law student.

1. The Law of Partnership in Indian
Contract Act
A partnership is a form of business organization where two or more
individuals come together to carry out a business venture. The
profits and losses are shared among the partners in the agreed
proportion. In India, the law of LAW OF PARTNERSHIP is
governed by the Indian Contract Act, 1872.
Nature of Partnership

2. A partnership is an agreement between two or more individuals to
carry out a business with a view to earn a profit. It is a voluntary
association of individuals who come together for a common
purpose. The partners contribute their capital, skill, and effort to
the business, and share the profits and losses in the agreed
proportion.
Formation of Partnership
A LAW OF PARTNERSHIP can be formed by an oral agreement,
written agreement, or implied from the conduct of the parties.

3. However, it is advisable to have a written agreement to avoid any
disputes in the future. The agreement should state the names of the
partners, the capital contributions of each partner, the
profit-sharing ratio, the duties and responsibilities of each partner,
and the manner of dissolution of the partnership.
Rights and Duties of Partners
The rights and duties of partners are specified in the partnership
agreement or implied from the nature of the partnership. Some of
the rights and duties of partners are:

4. Right to participate in the management of the partnership business:
Each partner has the right to take part in the management of the
partnership business.
Duty to carry out the business: Each partner has the duty to carry
out the business to the best of his ability and with due diligence.
Duty to render accounts: Each partner has the duty to render true
accounts and full information of all things affecting the partnership
to any partner or his legal representative.

5. Right to inspect books: Each partner has the right to inspect and
copy any of the partnership books.
Right to receive profits: Each partner has the right to receive a share
of the profits in the agreed proportion.
Liability for losses: Each partner is liable for the losses of the
partnership to the extent of his capital contribution.
Dissolution of Partnership

6. A LAW OF PARTNERSHIP can be dissolved by mutual
agreement or by the happening of certain events specified in the

7. partnership agreement or by operation of law. Some of the events
that lead to the dissolution of a partnership are:
Expiration of the term: If the partnership is formed for a fixed term,
it dissolves at the end of the term.
Death or insanity of a partner: If a partner dies or becomes insane,
the partnership is dissolved, unless the surviving partners agree to
carry on the business.
Retirement of a partner: If a partner retires, the partnership is
dissolved, unless the remaining partners agree to carry on the
business.
Bankruptcy of a partner: If a partner becomes bankrupt, the
partnership is dissolved.
Conclusion

8. In conclusion, a LAW OF PARTNERSHIP is a form of business
organization where two or more individuals come together to carry
out a business venture. The law of partnership in India is governed
by the Indian Contract Act, 1872, which defines the rights and
duties of partners, the formation of partnership, and the dissolution
of partnership. It is advisable to have a written agreement to avoid
any disputes in the future. A partnership can be dissolved by mutual
agreement or by the happening of certain events specified in the
partnership agreement or by operation of law.