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

Assignment Help:

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.


Related Discussions:- Loans given for necessaries - void contracts

Policies which reduce energy supplies, 1. Indicate whether the following st...

1. Indicate whether the following statements are true or false and briefly explain your answer. a. Actions by government to increase spending and by the central bank to increase

Name based definition of phoenix activity, Q. Name based definition of phoe...

Q. Name based definition of phoenix activity? The approach taken in New Zealand has been to define phoenix activity in terms of the re-use of the name, or a name similar, to th

Determine about the mundell-fleming model, Determine about the Mundell-Flem...

Determine about the Mundell-Fleming model The basic two country Mundell-Fleming model assumes that both countries are small. It is this assumption that we modify and assume in

Special courts, Special Courts However in addition to the courts dealt...

Special Courts However in addition to the courts dealt into paragraphs as 2.1 - 2.7 above, there exist in England a number of other institutions that are called "courts" or "t

Publication of list of repeat offenders, Q. Publication of list of repeat o...

Q. Publication of list of repeat offenders ? As a part of the joint education campaign option, or separate to the education campaign, a ‘naming and shaming' approach could also

Explain the criminal jurisdiction, Explain The criminal jurisdiction Th...

Explain The criminal jurisdiction The criminal jurisdiction is exercised on the basis of the following: 1. Nationality 2. Territory 3. Universal jurisdiction and 4. Specifi

Explain the sovereign of state immunity, Explain the sovereign of state imm...

Explain the sovereign of state immunity Immunity relates to the sovereign of state immunity and act of state doctrine. This is the most complicated immunity available and relat

Contents and form of accounts - accounts and audit, Contents and Form of Ac...

Contents and Form of Accounts - Accounts and audit: By s.149(1), every balance sheet shall give a true and fair view of the state of affairs of the company as at the end of it

What are the features of the omc process, What are the features of the OMC ...

What are the features of the OMC process Participation is also seen as a central feature of the OMC process, especially if it is to be extended beyond 'top-down' to encompass '

Liability of incoming partners and death of a partner, Liability of Incomin...

Liability of Incoming Partners and Death of a Partner Liability of Incoming Partners However Unless a new partner makes a individual agreement to the effect such he wil

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd