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Section 49

Certain contracts by minors to be void

The following contracts entered into by a minor are void -

(a) contracts for the repayment of money lent or to be lent;

(b) contracts for payment for goods supplied or to be supplied, other than necessaries;

(c) accounts stated.

 

Section 50

No proceeding to be brought on ratification of minor's contract

(1) No proceeding can be brought to charge a person-

(a) on a promise made after full age to pay a debt contracted during minority; or

(b) on a ratification made after full age of a promise or contract made during minority.

(2) This section applies whether or not there was any new consideration for the promise or ratification.

 

Section 51

Avoiding contract for payment of loan advanced during minority

(1) If a minor who has contracted a loan (a contract for the repayment of which is void under this Division) agrees after full age to repay all or part of that loan, that agreement and any instrument relating to it is, subject to subsections (2) and (3), void against everyone.

(2) A person who-

(a) in good faith; and

(b) for value; and

(c) without notice-

is the holder or assignee of an instrument referred to in subsection (1) may recover from the minor the amount secured by the instrument.

(3) If a person referred to in subsection (2) recovers from the minor the amount secured by the instrument, the minor may recover that amount from the person to whom the minor gave the instrument.

(4) For the purposes of this section any interest, commission or other payment in respect of a loan is to be taken to be a part of the loan.

 

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