MINORS (PROPERTY AND CONTRACTS) ACT 1970 - SECT 20
Disposition for consideration
MINORS (PROPERTY AND CONTRACTS) ACT 1970 - SECT 20
Disposition for consideration
20 Disposition for consideration
(1) Where: (a) a minor makes a disposition of property for a consideration
received or to be received by the minor , (b) the consideration is not
manifestly inadequate at the time of the disposition, and (c) the minor
receives the whole or any part of the consideration: the disposition is
presumptively binding on the minor . (2) Where: (a) a disposition of property
is made to a minor for a consideration given or to be given by the minor , and
(b) the consideration is not manifestly excessive at the time of the
disposition: the disposition is presumptively binding on the minor . (3) Save
to the extent to which, under Part 3 of the Sale of Goods Act 1923 or
otherwise, a promise may operate as a disposition of property , subsection (2)
does not make presumptively binding on a minor a promise by the minor which is
the whole or part of the consideration for a disposition of property to the
minor . (4) Where the burden of, or arising under, a covenant or other promise
runs with property so as to impose an obligation or restriction on a person to
whom a disposition of the property is made in any manner or circumstances,
subsection (2) does not make presumptively binding on a minor a disposition of
that property to the minor in that manner or those circumstances.
http://www.austlii.edu.au/au/legis/nsw/consol_act/maca1970348/s20.html