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Business Law: Partner Rights & Contracts

An outgoing partner is not a partner of the firm once they leave it. They can then start a similar competing business elsewhere under a different name than their prior firm. Specifically, an outgoing partner has the right to carry on a competing business but cannot use the name of their former firm. The holder of an uncrossed cheque, the drawer, or the bank (for a general crossed cheque converted to a special crossed cheque) can all endorse a cheque. A promissory note is a promise of a debtor to pay a certain amount after a certain period against their debt. It must include an unconditional promise, date, and amount. The document given is not a valid promissory note because the date and amount are not

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12 views1 page

Business Law: Partner Rights & Contracts

An outgoing partner is not a partner of the firm once they leave it. They can then start a similar competing business elsewhere under a different name than their prior firm. Specifically, an outgoing partner has the right to carry on a competing business but cannot use the name of their former firm. The holder of an uncrossed cheque, the drawer, or the bank (for a general crossed cheque converted to a special crossed cheque) can all endorse a cheque. A promissory note is a promise of a debtor to pay a certain amount after a certain period against their debt. It must include an unconditional promise, date, and amount. The document given is not a valid promissory note because the date and amount are not

Uploaded by

shantopongta
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

Suggested Answers

(b) Can an outgoing partner parry on business competing with the firm? Business Law
November-December, 2003
Answer: Question No. 5(b)
The outgoing partner is not a partner of the firm once he leaves it. He can then. start similar business
elsewhere in a name different from his prior firm more specifically an outgoing or retiring partner has the
rights to carry on business competing with the firm but he cannot use the name of the firm.,.; 1. (a) What is a

(c) Who cancro heque? Answer: Question No. 1(h)

Answer: Question No. 5(c) As per section 2(h) of Contract Act 1972 " an agreement enforceable by law is .a Contract.. The elemen ts
of a contract are that there has to be an agreement, that has to be enforceable by the law, there has to be
Following person can cross the cheque: consideration with a few exception.

(i) Drawer (b) Can 4 contract be made without consideration?


(ii) Holder for an uncrossed cheque.
(iii) Bank - Drawee Answer: Question No. 1(b)
(iv) Holder, bank for general crossed cheque to .special crossed cheque.
A promise without consideration is a gift. But as per section 25 of the Act
6. What is a promissory note? Is the following a promissory note?- circumstances a contract can be made withouttcons id e rato n : i

"I promise to pay B,Tk: 50.000: and alI otlierdues which shall be due to him. 1. Contract out of love and affection.
2. Pr omise for consideration for .voluntary service.
Answer: Question No. 6 3. Promise for performing legal duty.
4. Time barred debt.
A promissory note is a promise of debtor for payment of a certain amount after a certain period against 5. Co mpleted gift.
his debt. It is an unconditional promise. In this case, the date and amount is not certain z So it is not.a valid
promissory note. 6. Contract of creating agency.
7. Contract of [Link].

(c) Distinguish between a contingen

Answer: Question No. 1(c)

Distinction between a contingent contract and wagering agreement are as follows:

Contingent Contract
1. It is a valid Contract 1. It is a void agreement
2. No characteristics of wagering 2. It is a gambling
3. Uncertain to all parties 3. All parties enter into agreement considering the certainty

(d) What do you understand by s upervening impossibil ?

Answer: Question No. 1(d)

As per section 56 a contract to, do an act which after the contract. is made becomes impossible, or, by
reason of some events which the promisor could not prevent, unlawful, becomes void when the-act
becomes impossible or unlawful:

Following are the events:


1. Destruction of an object necessary for the performance of the contract.
2. Failure of preconditions for performance of contract.
3. Personal incapability or death.
4. For declaration of war.

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