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(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
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 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 leaving.debt.
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
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: