Ishaan, aged 16 years, was studying in an engineering college. On 15 March, 2016 he took a loan of 2 lakhs from Vishal for his college fee and agreed to pay by 30th May, 2017. Ishaan possesses assets worth '15 laklis On due date ishaan fails to pay back the loan to Vishal. Vishal wants to get out of his assets Decide whether Vishal will be referring to the provisions of the Indian Contract Act, 1872.
Answers
Answer:
Explanation:
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1. According to Section 11 of the Indian Contract Act, 1872, every person is
competent to contract who is of the age of majority according to the law to which
he is subject, and who is of sound mind and is not disqualified from contracting by
any law to which he is subject.
2. A person who has completed the age of 18 years is a major and otherwise he
will be treated as minor. Thus, Ishaan who is a minor is incompetent to contract and
any agreement with him is void [Mohori Bibi Vs Dharmo Das Ghose 1903].
3. Section 68 of the Indian Contract Act, 1872 however, prescribes the liability of
a minor for the supply of the things which are the necessaries of life to him. It
says that though minor is not personally liable to pay the price of necessaries
supplied to him or money lent for the purpose, the supplier or lender will be entitled
to claim the money/price of goods or services which are necessaries suited to his
condition of life provided that the minor has a property. The liability of minor
is only to the extent of the minor‟s property.
4. Thus, according to the above provision, Vishal will be entitled to recover the
amount of loan given to Ishaan for payment of the college fees from the property