Yes it will.
No.
The transmission will fail.
Your power steering will fail because brake fluid is poor lubricant.
you probably have a bad fuse. I would check that first if i were you.
If non brake fluid is added to the master cylinder, possibly.If non brake fluid is added to the master cylinder, possibly.
Siphon it out. Do not drive or pump the brakes. Replace the brake fluid. This will cause the brakes to fail.
If your brake fluid is hygroscopic then it means that is will absorb water/moisture from the air and it can effect your boiling point and your brakes may fail at high speeds.
You have a hole in your brake line.
this would be brake fluid have it checked before the brakes fail and you wreck
The seals in a brake system will dissolve if they get any petroleum product on them. the system will not last long, and could fail at any time.
Yes, a master cylinder can fail in a way that prevents brake fluid from returning to the reservoir. This can occur due to internal seal failure or blockage, which can create a situation where fluid is trapped in the brake lines, leading to a loss of brake function. Symptoms may include a spongy brake pedal or a pedal that sinks to the floor. Regular maintenance and inspection can help identify such issues before they lead to serious problems.
Once you correct the problem the light will go off. Can be low of brake fluid, parking brake might be partially on, defective Master Cylinder, etc. Do not ignore this light as this can cause your brakes to fail.