Contract
Contract
Contract
UG17-30
Aim and Objective
To study and understand the position of minor as a partner during minority and
on attaining the majority.
Research Questions
Whether a guardian of a minor can enter into an agreement of partnership on
behalf of minor with any third party?
Whether or not minor can be made to share the losses of a firm or that they can
only share the profits and not be made liable to share any of the firm’s losses?
Whether a minor elects to become or not to become a partner on attaining
majority?
Section 11 of Indian Contract Act 1872. ( who are competent to contract).
If guardian is entitled to sever the minor’s connection with the firm, he must
also be held to be entitled to refuse to accept the benefits of partnership or
agree to accept the benefits of partnership for a further period on terms which
are in accordance with law.
The meaning of partner defined in section 2(1)(q) of the LLP act, 2008.
The LLP agreement, being a contract, essentially implies that only a person
competent to enter into a contract can be a party to it.