A, a minor, is the sole owner of a property inherited from his father. He decides to mortgage the property to B, a moneylender, to secure a loan of ₹50,000. At the time of the transaction, B is aware that A is a minor bu

A, a minor, is the sole owner of a property inherited from his father. He decides to mortgage the property to B, a moneylender, to secure a loan of ₹50,000. At the time of the transaction, B is aware that A is a minor but still proceeds with the mortgage deed. After receiving a portion of the loan amount, A refuses to pay back the loan and files a suit claiming that the contract is void as he is a minor. B argues that since A has benefited from the transaction, he must either return the money received or the contract should be specifically enforced against him. He further contends that A's guardian has ratified the contract, making it binding. Based upon the case study, answer the following questions: Assess the significance of knowledge of age in contractual dealings. What legal doctrines and precedents apply when one party knowingly enters into a contract with a minor? Would the legal position change if B was unaware of A's age, and how does this impact the principle of void contracts?