In 2022, Jose received
$300,000 from his mother in order to be able to afford his first house.
Last month, Jose’s mother
asked when he would start paying the loan back. Jose replied ‘I thought it was
a gift!’ The mother responded ‘ no way
Jose – of course it was a loan !’
Which of the following
statements is likely to be CORRECT ?

Question

In 2022, Jose received
$300,000 from his mother in order to be able to afford his first house. 
 Last month, Jose’s mother
asked when he would start paying the loan back. Jose replied ‘I thought it was
a gift!’ The mother responded ‘ no way
Jose – of course it was a loan !’ 
 Which of the following
statements is likely to be  CORRECT ?

Answer

According to the doctrine
of promissory estoppel, this is a loan.

Answer

Considering the circumstances of the case, a
court would likely conclude that the parties intended to create legally binding
relations.

Answer

As this is an agreement
between family members, a court will certainly decide that there was no
intention to create legally binding obligations.

Answer

In a case like this one,
the parties need to bring evidence in order to prove whether their actual
intentions were to provide a gift (no repayment required) or a loan (repayment
required).

Crowdly

In 2022, Jose received $300,000 from his mother in order to be able to afford hi...

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