Meaning of Sleeping Partner A sleeping partner is a type of partner in a partnership firm who contributes capital and shares profits and losses but […]
Author: Sunny Shettipalli
13. Unpaid Seller
Meaning of Unpaid Seller Under the Indian Sale of Goods Act, 1930, an unpaid seller is one to whom the whole price of goods has […]
12. Delegation of Authority.
Meaning of Delegation of Authority Delegation of authority means the transfer of decision-making power or responsibility from one person to another, usually from a higher […]
11. Hire Purchase Agreement
Meaning of Hire Purchase Agreement A Hire Purchase Agreement (HPA) is a contract in which the owner of goods (the seller) allows another person (the […]
10. Surety.
Meaning of Surety A surety is a person who promises to the creditor to fulfill the debt or obligation of another (the principal debtor) in […]
9. Pledge by non-owner.
Meaning of Pledge by Non-Owner Normally, only the owner of goods has the right to create a valid pledge. However, under certain circumstances, even a […]
8. Indemnity
Indemnity – Meaning and Definition The term indemnity means to make good the loss of another person. Under Section 124 of the Indian Contract Act, […]
7. Dissolution of Partnership
Meaning of Dissolution of Partnership Under the Indian Partnership Act, 1932, Section 39 defines dissolution of partnership as the termination of the relationship among partners […]
6. Dormant Partner
Meaning of Dormant Partner A Dormant Partner, also called a Sleeping Partner, is one who invests capital in the firm but does not take part […]
5. Caveat Emptor
Meaning of Caveat Emptor The principle of Caveat Emptor, meaning “let the buyer beware”, is embodied in Section 16 of the Sale of Goods Act, […]