In this Act, unless there is anything repugnant in the subject or context,—
(a)an“act of a firm” means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or against the firm;
(b)“business” includes every trade, occupation and profession;
(c)“prescribed” means prescribed by rules made under this Act;
(d)“third party”, used in relation to a firm or to a partner therein, means any person who is not a partner in the firm; and
(e)expressions used but not defined in this Act and defined in the Indian Contract Act, 1872 (9 of 1872), shall have the meanings assigned to them in that Act.