Loans given for necessaries - void contracts, Business Law and Ethics

Loans Given for Necessaries - Void Contracts     

It may happen that an infant asks someone to a loan for buy necessaries like school uniforms or textbooks.  Therefore the person that not being aware for the legal prohibition since agrees to lend the money and eventually does so obviously.  So now what is the legal position?  Because the loan is irrecoverable and the lender cannot sue thus lender for recover the money.  Hence this is so since the Act does not include any exception to the prohibition.

Posted Date: 1/22/2013 2:27:23 AM | Location : United States







Related Discussions:- Loans given for necessaries - void contracts, Assignment Help, Ask Question on Loans given for necessaries - void contracts, Get Answer, Expert's Help, Loans given for necessaries - void contracts Discussions

Write discussion on Loans given for necessaries - void contracts
Your posts are moderated
Related Questions
Rules for Loan creditors: Loan creditors and landlords are subject to special rules in certain circumstances: (a) if a person (usually a bank) lends money to the company to e

UNWRITTEN SOURCES OF ENGLAND LAW: However common law may be illustrated as that branch of the law of England that was developed through the English courts on the basis of the

Explain the first kind of treaty Under international law, treaties primarily serve three separate purposes, though any one treaty may perform more than one function. The first

QUESTION 1 What are the duties of an Occupational, Safety and Health officer in an organization? QUESTION 2 Section 47 (1) of the Occupational, Safety and Health Act st

Writ System: Further a person intending to commence an action on common law had to acquire a 'writ' from the government department which was authorized to concern writs.  A wr

As you think about the rights of workers enhanced by anti-discrimination laws, have society and organizations become more tolerant and competitive due to less discrimination in the

Directors Powers: Equity regards directors as holding their powers on trust for the company. They can only exercise those powers for the benefit of the company, otherwise the

When was concept of refugee expanded Refugee law encompasses international legal instruments including the following : The 1951 United Nations Convention relating to the Status

Relationship between Banker and Customer Therefore the relationship between a banker and the customer is a debtor-creditor association that was articulated In the chief case o

Negotiable Instruments - Law of Contract However past services may constitute valuable consideration to a bill of exchange under by s.27 of the Bills of Exchange Act that prov