minor fraudulently represent to a money lender that he was the full age and obtain the loan of Rs. 5,000. Has the money lender any right of action against the minor for the money lend of for damages for fraudulent miss-representation?

minor fraudulently represent to a money lender that he was the full age and obtain the loan of Rs. 5,000. Has the money lender any right of action against the minor for the money lend of for damages for fraudulent miss-representation?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 35P

See similar textbooks

Related questions

Q: Rica, the president of XYZ Corporation was authorized by the Board of Directors of XYZ Corporation…

A: A loan means a contract in which one party lends money to other for a certain time period that is…

Q: During the interview of a suspect in an embezzlement case, several common themes are developed that…

A: Auditors are trained to extract numbers from individuals, but forensic auditors are trained to do…

Q: If employees are bonded they have worked for the company for at least 10 years. O it means that they…

A: Bonded employees covered under the famous Fidelity bond. bonded employees they employee for whom the…

Q: Mr. Cruz was an employee of ABC Trading. He was killed by a co- employee in one of their regular…

A: Solution Return of capital is defined as the amount that is not taxable. Description Amount…

Q: A taxpayer forgot to register his book of accounts on time. Which of the following penalties will be…

A: Step 1 Failure to maintain and filling of books of accounts and all the related documentation will…

Q: The Cohan rule is most likely to come to the rescue (or partial rescue) of which of the following…

A: Cohan rule is a common law rule where the taxpayers, who are unable to produce records of actual…

Q: S sold his lot to B. The lot is the subject of a case filed by X against S. S did not disclose this…

A: Consumer protection is the important term to be used for the consumers as in greed for more…

Q: ad executed a written contract which contained a liquidated damages clause for $200 in the event…

A: To explain the given case as,

Q: Ann's car has been repossessed by Bob Finance without any notice after Ann defaulted on two…

A: Hire purchase is a method of purchasing high-priced consumer items in which the buyer pays security…

Q: Which of the following items is not true about fraud?a. It can cause injury or damage to another…

A: Fraud is an intentional mis-representation of facts with the view to have unfair advantage for self…

Q: 1. Under the Statute of Frauds, the following contracts must be in writing, otherwise they cannot be…

A: The statute of fraud is a concept that creates rules related to the contracts. The statute of the…

Q: Ashley received a civil judgement against Sales Associate Betsy. The judge awarded Ashley $10,000 in…

A: The commissioner establishes and maintains a recovery fund for the benefit of any person aggrieved…

Q: Vini was owed RM200 by a debtor, Kelvin. However, Kelvin was declared bankrupt. Vini later received…

A: Current assets are those assets which are held by the business for shorter period of time, say less…

Q: Boracay wrote a complete promissory note payable to bearer. The note was stolen and his signature…

A: In the given case option d is correct... Boracay is liable to a holder in due course....

Q: Dennis owes Cart P1M. Xanabelle, without the knowledge or against the will of Dennis paid Cart P2M.…

A: Unjust Enrichment If a person receives a benefit from another person, and as a result, the other…

Q: . Win the case because the qualified business privilege protects investigators conducting internal…

A: Answer with explanation are as follows.

Q: Divina owes Cristina P 25,000 payable on August 31. Later, Divina forced Cristina to sign a…

A: Promissory note is defined as the instrument which comprise of written promise through one party…

Q: In a certain civil case, plaintiff was awarded damages by the court in the sum of P20,000…

A: When cases are settled in a court, either of the parties may be liable to pay the other party…

Q: Amar Jain purchased a second hand car in December 2010, which was insured by New India Assurance by…

A: Firstly, Let's see what is Insurance - It is basically an arrangement by which the company…

Q: Ashley received a civil judgement against Sales Associate Betsy. The judge awarded Ashley $10,000 in…

A: The commissioner establishes and maintains a recovery fund for the benefit of any person aggrieved…

Q: D is indebted to C for P10,000. For the purpose of defrauding C, D sold his only parcel of land to X…

A: This question deals with the concept of "Rescissible Contact". A rescissible is a contract which is…

Q: Enrique accesses Finance Bank's computer system without authority to obtain protected financial…

A: Physical assault or another form of conduct that can inflict serious psychological injury are common…

Q: n May, 2005, Sonic became involved in a litigation. The suit is being contested, but Sonic's lawyer…

A: A liability is a debt that a company or person owes to another party, mainly in the form of money. A…

Q: . T realizes $100,000 of income in Year 1. b. T doesn’t realize any income in Year 1 because he had…

A: The correct answer is:- c. T realizes $100,000 of income when the embezzlement is discovered in…

Q: nayla received a bill of exchange for value from Ahmed who had obtained the intrunment fraudulently.…

Q: Sean sued an unscrupulous person for derogatory remarks which he considered to have besmirched his…

A: Return on Capital = (Return / Capital) x 100 In the given case, Return = reimbursement for…

Q: The bank then declared the whole obligation due, and proceeded to deduct the amount of one million…

A: A bank deposit is a lending arrangement where the borrower is the depositor and the debtor is the…

Q: Quince owns a used-car lot where Ray works as a salesperson. Quince tells Ray not to make any…

A: When there is contract an agreement between two person it is duty of both the parties to be abide by…

Q: Jessica sold goods to Stacy for $2,500 and retained a security interest in them. Two months later,…

A: Answer a: Except where the interest is voidable by the creditor who secured a judicial lien on the…

Q: May the creditor validly refuse acceptance of the payment of a judgment obligation made by the…

A: Cashier’s check can be referred to those checks that are issued and guaranteed by the banks. These…

Q: Big Ring Brewery ("BRB") is delinquent on its account with the Helix Water District. The Helix Water…

A: Garnishment, or wage garnishment, is when money is legally withheld from your paycheck and sent to…

Q: While under the influence of alcohol, Max enters a purchase and sale contract for the sale of his…

A: The intoxication with liquor of the appellant/plaintiff at the time of executing the agreement was…

Q: Under sales on credit, the supplier-customer relationship may be terminated under the law in the…

A: Please see the next step for the solution

Q: Individuals who believe they relied on misstated financial statements to make a decision andhave…

A: Misstatement: It can be defined as the difference between the presentation, amount, disclosure, and…

Q: For which of the following can a CPA be considered in violation of the Code of Professional Ethics?…

A: CPA professionals are expected to comply with the ethical standards as laid down by the CPA…

Q: Can D make C’s estate liable for his debt

A: The above question deals with the problem of liability of legal heirs in case of death of partner…

Q: rtage Inc. agrees to pick up two truckloads of housewares for Discount Corporation and store the…

A: The right answer is c cartage was negligent.

Q: Rochelle fraudulently induces Sybil to sign a note. Rochelle sells the note to Terry, who does not…

A: Notes receivable: Notes receivable is a balance sheet item, that records the value of promissory…

Q: Saul sold goods to Bruce, warranting that the goods were of a specified quality. The goods were not…

A: CASE FACT S: Saul sold goods of not proper quantity to Bruce and gave him expressed warranty…

Q: Green, a police officer, suspected that Brown was engaged in illegal racketeering activities. To…

A: GIVEN FACTS ÷ Green, a police officer, suspected that Brown was engaged in illegal racketeering…

Question

A minor fraudulently represent to a money lender that he was the full age and obtain the loan of Rs. 5,000. Has the money lender any right of action against the minor for the money lend of for damages for fraudulent miss-representation?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

nayla received a bill of exchange for value from Ahmed who had obtained the intrunment fraudulently. Nayla fearing the bill might lapse, presented it for payment where upon, it was dishonoured. state with reasons whether nayla can claim to be a holder in due course.
Naeem was a treasury manager in Raheel Associates (RA). Naeem robbed Rs. 100,000 cash from the business. Raheel, the owner of the business, instituted legal proceedings against Naeem. Naeem agreed to return the cash and Raheel agreed to withdraw the proceedings against him. Naeem fulfilled his part of the promise. Under the provisions of the Contract Act, 1872 explain whether Raheel is bound to withdraw the proceedings against Naeem.
Sining stole a watch of Benita, then sold it to Goreng for the amount of 5,000. Goreng is in good faith. Can Sining recover the watch from Goreng?a. No, Goreng is good faithb. Yes, with reimbursement of 5,000 to Gorengc. Yes, without reimbursement of 5,000d. No, Sining need to file a court proceeding
Kip opens an account at Lotsa Goodies, and buys a digital music player and other items, but makes no payments on the account. To collect the debt, a Lotsa Goodies representative contacts Kip’s parents. This violates a. the Fair Debt Collection Practices Act. b. the Fair and Accurate Credit Transactions Act. c. the Truth-in-Lending Act. d. no federal law
A buyer purchases property for $45,000 in cash and assumes the seller's outstanding mortgage balance of $98,500. The lender executes a release for the seller. The buyer fails to make any mortgage payments, and the lender forecloses. At the foreclosure sale, the property is sold for $75,000. Based on these facts, unless state law provides anti-deficiency protection, who is liable, and for what amount? The seller is solely liable for $23,500. The buyer is solely liable for $23,500. The buyer and the seller are equally liable for $23,500. The buyer is solely liable for $30,000
Due to his debt to Chur, Schwyz wrote a promissory note which is payable to the order of Chur. Chur's sister, Sion, misrepresenting herself as agent of Chur, obtained the note from Schwyz. Sion then negotiated the note to Lausanne after forging the signature of Chur. May Lausanne enforce the note against Schwyz? a. Yes, since Schwyz is the principal debtor. b. No, since it is Chur who can enforce it, the note being payable to the order of Chur. c. No, since the signature of Chur was forged. d. Yes, since Schwyz, as maker, is primarily liable on the note.
Doe purchased an automobile from Jones for $1,000. Unknown to Doe, Jones had used the automobile as security for a loan from his bank, and the bank had registered its security interest in the automobile under the provincial personal property security registration legislation. A few months after the sale, Jones defaulted on the loan, and the bank discovered that Doe was in possession of the automobile. The bank is not entitled to seize the automobile, because it had not given Doe notice of its claim against the vehicle before Doe purchased it. True False
A mortgage agent has been charged by FSRA of providing false or misleading information to a client. Given this scenario which of the following is a potential penalty? Select one: a. Up to a $200,000 fine b. Up to a $25,000 fine c. Up to a $500,000 fine d. Up to a $100,000 fine
Quince owns a used-car lot where Ray works as a salesperson. Quince tells Ray not to make any warranties for the cars. To make a sale to Sylvia, however, Ray adds a 50,000-mile warranty. Later, Sylvia sues Quince for breach of warranty. Quince may hold Ray liable for any damages he must pay to Sylvia under which remedy: a. indemnification b. avoidance c. constructive trust d. accounting
Amy is a salesperson for ABC Company. Although ABC never expressly authorized her to collect payments (cash and checks) from the customers, she routinely does so for some of her long standing customers and submits them to ABC, who accepted payment without issue. One day, Amy collects cash from one of her customers and runs off. The customer sues ABC Company. If ABC is liable, it is because Amy has a. apparent authority b. implied authority c. no authority d. express authority
Divina owes Cristina P 25,000 payable on August 31. Later, Divina forced Cristina to sign a promissory note for P 25,000 payable on December 25. If all the other requisites of compensation are present, are both debts extinguished? No, B’s consent was obtained by force. Yes, with the approval of the court. Yes, under legal compensation. Answer not given.
S sold his lot to B. The lot is the subject of a case filed by X against S. S did not disclose this fact to B. Is S liable to B for fraud? A. Yes, because S has the obligation to reveal the fact to B even if the latter did not ask. B. Yes, because the sale involves transfer of real rights to the property. C. No, because S did not say and do anything to convince B to buy the lot. D. No, because B is bound by the rule of "caveat emptor" or "buyer beware".