Identify the Factors That Should Be Considered in Determining Whether

question 79

Essay

Identify the factors that should be considered in determining whether a transaction is a bona fide loan or a gift.

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Definitions:

Written Contract

An agreement between parties that is documented in a written form and signed by the parties involved.

Remedy

A legal means of enforcing a right or correcting a wrong.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise to their detriment.

Equitable Doctrine

Legal principles applied by courts to ensure fairness and justice, often used in cases where traditional laws might not provide a remedy.