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
Determine about the Opportunistic policy cycle We now turn back once again to study the behaviour of the decision maker who, ultimately wants to return to the office in future.

Classification of Precedent So as a precedent may also be classified as like; An original precedent whether it is one that creates and applies a new legal rule; o

What is UDHR UDHR is therefore, considered as a source of international law relating to human rights. Apart from UNGA-responsible for issuing resolutions, the decisions of the

Jurisdiction - High Court Whether under Section 60 of the constitution states in which the High Court shall have 'unlimited original jurisdiction in civil and the criminal mat

Winding-Up:    (a) A company is dissolved, i.e. ceases to exist, when its name is removed from the register.  It is usually necessary, before it can be dissolved, to liquida

In relation to the scenario below, discuss relevant ethical and legal issues that relate to decision making regarding treatment vs non-treatment.   Please note , you are

APPLIED LAWS: However section 2 of the Interpretation and General Provisions Act specified like an "applied law" as:; (a)   here an Act of the legislature of another countr

Effect of Ultra Vires Transaction:  An ultra vires transaction with a company may result in: a) a transfer of specific property to the company, or b) money being lent to

Representations Regarding Character or Credit Since statements relating to a person's credit-worthiness will only be actionable whether made in pursuance of a contract that wa

Differences between registered companies and partnerships: The basic differences between registered companies and partnerships are as follows: (a) Formation Registration