A minor seeks your legal advice on the following issues:

(i) He has taken a loan in consideration of mortgage of his house in favour of the money lender. What is the validity of the mortgage and the loan?

(ii) What is the legal status of the promissory note given by the minor as security for a loan during the period of his minority and after attainment of age of majority ?

(iii) Can the minor recover the cash that he has paid towards the loan during the period of minority?

(iv) Refusal by the minor to repay the money that he has received on behalf of an adult based on an Authority Letter issued in his favour ?

(v) Recovery of price of a luxury car purchased by a minor on the ground of its being a luxury. You can make necessary assumptions to answer the case.