No.
NO, the problem needs to be properly repaired. its not like an oil or antifreeze leak. the basic principle of a brake system is the free movement of fluid through the brake lines. an additive to this system to "stop" a leak would ruin the whole system and be catastrophic to fix. brake leaks are generally an affordable fix.
If the caliper leaks brake fluid, the immediate problem isn't the brake pads - it's the brake lines (or the connections). Get that fixed pronto!
For the car with such age it can be anything. I would start from main brake lines. If the lines are fine, check calipers and rear brake cylinders for leaks. If you find any leak it's easier to replace a part, then trying to fix it.
Common causes are low brake fluid levels in the master cylinder reservoir, or air bubbles or leaks have been detected in the brake lines.
You need to check all brake lines and look for leakage. Also you should check the main brake cylinder for leaks (you can find under the hood attached to firewall on the driver's side).
Good time to replace all the brake fluid. Remove the brake lines from the Master Cylinder and pump the master cylinder dry. Add fresh brake fluid from an unopened can and bleed the master cylinder. Reinstall the brake lines and then bleed all brake lines until you see clean fluid. Keep adding fluid to the Master Cylinder until you are done.Good time to replace all the brake fluid. Remove the brake lines from the Master Cylinder and pump the master cylinder dry. Add fresh brake fluid from an unopened can and bleed the master cylinder. Reinstall the brake lines and then bleed all brake lines until you see clean fluid. Keep adding fluid to the Master Cylinder until you are done.
the master cylinder is whats bad
The master cylinder for the brakes is probably out or going out..the piston inside the master cylinder is letting the fluid bypass it. OR You have air trapped in the brake lines and must bleed the brake lines. When you step on the pedal, the air does not compress so the pedal goes to the floor. You must get all the air out of all the lines including the master cylinder for the brake system to work correctly. There won't be any fluid leaks with either of these scenarios....... ........only if you have a leaking brake caliper piston or with a drum brake cylinder, where the seals are shot, and you can see the fluid running down on the tires Don't drive it until you find the problem.
Yes. You can fix the mistake of putting engine oil in the brake fluid. It is the easiest if you just caught it as soon as you did it. In that case you disconnect the master cylinder as quick as possible from the brake lines. You do not want oil to clog the brake lines. Then you remove as much brake fluid, oil mix from the master cylinder as possible. Then you take a rag and clean out the master cylinder. Then you run brake fluid through the master cylinder until it comes clean. Then you run brake fluid through the brake lines to make sure they are clean. If brake fluid does not go through the brake lines, you did not catch it in time. You need to replace your brake lines and slave cylinders. You have just learned an expensive lesson.
Light is usually comes on, when there is a problem with pressure in brake lines. Inspect the brake fluid level, and check for leaks.
There would be break fluid OUTSIDE of the lines and reservoir
If the fluid level had gotten so low that you got air in the lines, you will need to bleed the brake lines. It involves opening a small valve at each caliper and/or drum and pumping the brake pedal until you push out any air and you have nothing but brake fluid left in the lines.