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Jenny aged 16 approaches Betty at the local branch of First National Bank Ltd. seeking a loan of $10,000 for a second-hand car. Advise Betty

  1. Jenny aged 16 approaches Betty at the local branch of First National Bank Ltd. seeking a loan of $10,000 for a second-hand car. Advise Betty about the legal position of lending money to a minor in Victoria.

What can the bank do to ensure that if the amount is loaned that it will be recovered?

Give reasons for your answer.

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