Where no provision is made by contract between the partners for the duration of the Partnership, or for the determination of the Partnership, the partnership is known as?
Understand the Problem
The question is asking for the definition of a specific type of partnership based on the conditions mentioned regarding the contract between partners. It is attempting to identify which term is correctly associated with a partnership that has no predetermined duration or conditions for dissolution.
Answer
Partnership-at-will
The partnership is known as a 'partnership-at-will.'
Answer for screen readers
The partnership is known as a 'partnership-at-will.'
More Information
A partnership-at-will is one where the partners have not agreed upon a specific duration or terms for their partnership, allowing any partner to dissolve the partnership at their discretion.
Sources
- The Indian Partnership Act 1932 - mca.gov.in
- Where no provision is made by contract between the partners - toppr.com
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