Contract is the essence of partnership - Explain.
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Answer:
A partnership contract, also called the articles of partnership, is a document that establishes the terms of the partnership and the agreements between partners. ... People can form a verbally binding contract just by forming an agreement in a business discussion.
Explanation:
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“Contract is the Essence of Partnership Business“
A contract is the essence of the partnership business. The document in which the respective rights and obligations of partners are settled is identified as partnership contract or deed. A deed may be oral or written. But the written document is preferred to other documents, Partnership Act 1932 (sec-5) pointed out, “Partnership relation arises from the contract and not from status”.
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