S.No.

List of Doctrines

Meaning

Section Number/Topic

1.        

Principle of Sharing of profits

The division of profits is an essential condition of partnership. Every man who received any portion of the profits of a business had to incur therein the liability of a partner.

Section 4

2.        

Principle of Mutual agency

The definition of partnership provides that business is carried by all or any of them acting for all.

Section 4

3.        

Principle of absolute good faith

The partners are bound to carry on the business of the firm to the greatest common advantage. They are expected to be just and faithful to each other.

Section 9

4.        

Conventio et modus vincunt legem

A contract and agreement overcome the law.

Section 12

5.        

Doctrine of implied authority

An act of a partner done as an agent in the usual course of business is the act of the firm and it binds the firm.

Section 19

6.        

Doctrine of Holding out

Liability by holding out arises when a person is in fact not a partner but he is held liable as if he is a partner.

Section 28

7.        

Acta Exteriora Indicant Interiora Secreta

Outward acts indicate the inward intent

Section 28

8.        

Nemo Contra Factum Suum Venire Potest

No man can contradict his own deed

Section 28

9.        

Ejusdem generis

Of the same class or kind.

Section 69