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Yes, a bankrupt person can enter into a contract, but there are limitations. Certain contracts may be voidable, and the bankruptcy may impact their ability to fulfill obligations. Additionally, contracts entered into during bankruptcy may require court approval, and creditors may have rights that affect the terms of the contract. Overall, while they can contract, the implications of their bankruptcy status must be considered.
What else can I help you with?
If a person goes bankrupt is the guarantor responsible?
You might be responsible for some or all of the debt. It depends what kind of guarantor contract you signed.
Can an alien enter a legally binding contract?
They could enter into a contract. Enforcement if they leave the country could be difficult, but there is no reason they can't enter a contract.
Can a person under 18 get a car loan without a co-signer?
No, it is not possible for an underaged person to enter into a financial contract with or without a cosigner.
How do you use the word bankrupt in a sentence?
A person bankrupt money from the bank, so the polices were trying to find him.
Which term is assigned to a person or company that is reduced to a state of financial ruin?
Bankrupt
If you had a contract with a financial institution and they went bankrupt is the contract void?
If a financial institution goes bankrupt, your contract with them may not necessarily be void. The terms of the contract, bankruptcy laws, and court decisions will determine how the contract is treated during the bankruptcy process. It is advisable to consult with a legal professional for guidance on how to proceed in such a situation.
If a person goes bankrupt is the guarantor responsible?
You might be responsible for some or all of the debt. It depends what kind of guarantor contract you signed.
Can a person under age of 18 enter into a legal contract?
It depends upon where you live. but generally no, a person under 18 cannot enter into a legally binding contract without their parent or guardian's approval.
What is the correct definition of a bankrupt person?
A bankrupt is a person who cannot pay his or her debts.
Under what circumstances is a contract deemed based on a fraudulent misrepresentation?
if the maker intended for the misrepresentation to induce the other party to enter the contract and if the misrepresentation would likely induce a reasonable person to so enter the contract
When an party competent enter into a contract?
A person's capacity to enter into a contract refers to the legal ability of a person to enter into a contract. It also means that they can mentally understand the terms of the contract. visit our website to know more link in bio.
What is an example of the persons disqualified by law to enter into a contract?
As for contract law, a person must be able to understand the nature and consequences of the contract when it is formed. Mental capacity refers to one's legal ability to enter into a contract. Your question is assumed to refer to a person who lacks mental capacity. A person who lacks mental capacity cannot understand the obligations under a contract and that makes the contract voidable in most cases.Also, a minor cannot make a valid contract in most cases.
Can an elderly person go bankrupt?
Certainly, an elderly person can go bankrupt; there is no age limit on bankruptcy.
Can an alien enter a legally binding contract?
They could enter into a contract. Enforcement if they leave the country could be difficult, but there is no reason they can't enter a contract.
What is the legal capacity of a company?
The company as juristic person has rights, duties and responsibilities as an individual person. The juristic person can enter into any contract and be bound to it.
Can a person under 18 get a car loan without a co-signer?
No, it is not possible for an underaged person to enter into a financial contract with or without a cosigner.
Correct definition of a person who is bankrupt?
A person who can not pay his or her debts
