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A minor borrowed some money on a promissory note. After attaining majority, he executed another promissory note in respect of the original loan plus the accrued interest. The creditor filed a suit to recover the money on the basis of the second promissory note. The suit is liable

Correct Answer: To be dismissed as the money was not advanced to the minor for necessaries

Which of the following statements are true?
(1) Minor's contract can be ratified on attaining majority.
(2) Minor's contract cannot be ratified on attaining majority.
(3) Minor's contract can be ratified jointly by both the parties to the contract.
(4) Minor is not liable under minor's contract.
(5) Minor's contract is an enforceable contract.

A class of 20 students borrowed library books for their research projected. Some of the students borrowed 3 books each, and the rest borrowed 2 books each. If a total of 52 books were borrowed, how many of the students borrowed, how many of the students borrowed 3 books each?

In a suit for partition, a Memorandum of Family Settlement is filed and on this basis the partition suit is decreed, but even after disposal of the suit the original Memorandum of Family Settlement remains in the file of the partition suit, then in such situation whether in a suit for eviction by one of the original co-owner of a tenant of a shop of the joint property which has fallen to the share of that co-owner as per the decree passed on the Memorandum of Family Settlement, can the certified copy of the Memorandum of Family Settlement be filed and proved as a public document in the suit against the tenant?

Kramer borrowed $4000 from George at an interest rate of 7% compounded semiannually. The loan is to be repaid by three payments. The first payment, $1000, is due two years after the date of the loan. The second and third payments are due three and five years, respectively, after the initial loan. Calculate the amounts of the second and third payments if the second payment is to be twice the size of the third payment.

Complete the equation. 2Res+OH– + 2– → __________ + 2OH– 2- b) (Res+)23- c) (Res+)22- d) (Res+)32-

Consider the following statements:
1. A contract with a minor is void, however, a minor can after attaining majority ratify an agreement made by him during his minority.
2. Minor is not liable for the wrongful act when the cause of action in substance is ex contractu.
Choose the correct option from below:

A who is a minor takes loan from B. On attaining majority. A executes a bond in favour of B for the loan taken during the minority. Is A liable?

Rahul borrowed a sum of Rs. 1150 from Amit at the simple interest rate of 6 p.c.p.a. for 3 Years. He then added some more money to the borrowed sum and lent it to Sachin for the same time at 9 p.c.p.a simple interest. If Rahul gains Rs. 274.95 by way of interest on borrowed sum as well as his own amount from the whole transaction, then what is the sum lent by him to Sachin ?

A', 'B' and 'C' are partners in a partnership firm named A, B & C. 'A' retires from the firm without giving any public notice. Thereafter, an existing creditor lends Rs. ten lakh to the firm on the basis of his knowledge that 'A', 'B' and 'C' are the three partners in the firm. This amount remains unpaid by the firm. The creditor wants to recover the unpaid loan amount from the firm.

Which of the following is/are true about the Negotiable Instruments Act, the Promissory Note?
1. Definition of Promissory Note is given in section 8 of the Negotiable Instrument Act
2. Containing an unconditional undertaking
3. To pay a certain sum of money only to a specific person or the bearer
4. The seller is bound to accept the promissory note
5. A document was written and signed by the payer/maker