Is salim bound to give the money back to omar » Full Grade
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Question – Salim is the owner of many buildings and hotels. Since he is a minor, his mother was his legally appointed guardian. Salim convinced Omar to give him loan of 20,000 OMR with 12% interest. The loan was taken by mortgaging one of his properties. Omar gave 10,000 OMR as advance and Salim promised that he will return the money after one year. Salim’s mother informed Omar that anybody who would get into an agreement with him would do so at his own risk. After knowing this, Omar wants to get the advance he has given.
Required –
a. Is Salim bound to give the money back to Omar? Why or why not?
b. Is this a valid contract? Explain why or why not?
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