An agreement without mentioning the terms of its existence is dealt under the Partnership Act, 1932 under Section :
7
Section 7 of the Indian Partnership Act, 1932 defines partnership at will: where no provision is made by contract between the partners for the duration of their partnership or for its determination, the partnership is at will.
Such a partnership can be dissolved by any partner by giving notice in writing to all the other partners (Section 43).
Section 4 defines partnership, Section 5 says partnership arises from contract and not from status, and Section 6 lays down the mode of determining the existence of partnership.
Hence, the answer is 7.
Similar Questions
A right to participate in profits, although strong but not a conclusive test of partnership was laid down in :
The personal liability of a partner in limited liability partnership arises in :
Important Questions from Partnership Act, 1932
- Which of the following is correct?
The important provision affecting partnership accounting, in the absence of a partnership deed is: As per Section 6 of the Indian Partnership Act, 1932, in determining whether a group of persons is or is not a firm, regard shall be had to which of the following?
- Atul, Bharat, and Chetan enter into a partnership. Atul invests $₹25,000$ for 6 months, Bharat invests $₹30,000$ for 8 months, and Chetan invests $₹40,000$ for 9 months. If the total profit is $₹37,000$, what is Chetan's share of the profit?
- According to Section 12 of the Partnership Act, any difference arising as to ordinary matters connected with the business of partnership may be decided by
Match List - I with List - II and select the correct answer using the code given below :
List - I List - II (a) Partnership not created by status (i) CST v. K. Kelukutty (b) Essentials of partnership (ii) Kshetra Mohan v. Commr. of Excess Profit Tax (c) Joint Hindu Family and partnership (iii) Rakesh Kumar Dinesh Kumar v. U.G. Hotels and Resorts Ltd. (d) Partnership between outsiders and joint family (iv) Ganpat v. Annaji
