Steinberg v Scala
1923 · 2 Ch 452
Posted By lanbuk.com
- Facts
- A minor applied for shares, paid the amount due on allotment, received no dividends, and then repudiated.
- Issue
- Could she recover what she had paid?
- Held
- She was released from further calls, but she could not recover money already paid. There had been no total failure of . She had the shares.
- Principle
- Repudiation of a voidable contract frees the minor for the future. It does not automatically return money paid.
- Why it matters
- It is the share case in the voidable class.
Words and Latin in this note
- Consideration
- The price of a promise: something of value given, or promised, in return. A bare promise to make a gift has none. Open the note.
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