A. What is meant by a personal by estoppel?

 Estoppel is a legal doctrine that prevents a person from adopting a position,

action, or attitude, asserting a fact or a right, or prevents one from denying a fact
inconsistent with an earlier position if it would result in an injury to someone else.
B. When in an existing or actual partnership bound by the representation made
by or in behalf of a person that he is member of the partnership?

C. What is the character liability of a partnership by estoppel to person who,
relying on the representation that the former is a partner in an actual or
apparent partnership, have given credit such partnership?


26. what are the 3 final stages of a partnership? Discuss.

27. What are the causes of dissolution in a partnership?

 Dissolution of partnership firm is a process in which relationship between

partners of firm is dissolved or terminated. If a relationship between all the
partners of firm is dissolved then it is known as dissolution of firm. In case of
dissolution of partnership of firm, the firm ceases to exist. This process includes
the discarding and disposing of all the assets of firm or and settlements of
accounts, assets, and liabilities.
After the dissolution of partnership firm, the existing relationship between
the partner’s changes. But the firm continues its activities. The dissolution of
partnership takes place in any of the following ways:

1. Change in the existing profit-sharing ratio.

2. Admission of a new partner
3. The retirement of an existing partner
4. Death of an existing partner
5. Insolvency of a partner as he becomes incompetent to contract. Thus,
he can no longer be a partner in the firm.
6. On completion of a specific venture in case, the partnership was formed
specifically for that particular venture.
7. On expiry of the period for which the partnership was formed.