Who does not have the capacity to enter into a contract?
Minors (those under the age of 18, in most states) lack the capacity to make a contract. So a minor who signs a contract can either honor the deal or void the contract. There are a few exceptions, however. For example, in most states, a minor cannot void a contract for necessities like food, clothing,…
Minors (those under the age of 18, in most states) lack the capacity to make a contract. So a minor who signs a contract can either honor the deal or void the contract. There are a few exceptions, however. For example, in most states, a minor cannot void a contract for necessities like food, clothing, and lodging.Click to see full answer. Consequently, who lacks the capacity to enter into a contract?As a general rule, anyone under the age of 18 is said to lack capacity to enter into contracts. From a business standpoint, however, there are a number of important exceptions to the law prohibiting minors from having capacity.Also Know, does an intoxicated person have the capacity to enter into an enforceable contract? Yes, if the person shows consideration and contractural capacity and all the other stages than it is enforceable. Just so, why are persons not of a legal age not allowed to enter into a legally binding contract? Even if a person has reached the age of majority, a contract may not be legally binding. Age is only one factor. If a person is not competent to contract – because of mental illness or impairment – it does not matter whether that person has reached the age of majority or not.What is the capacity of a contract?Capacity to contract means the legal competence of a person to enter into a valid contract. Usually the capacity to contract refers to the capacity to enter into a legal agreement and the competence to perform some act. The basic element to enter into a valid contract is that s/he much have a sound mind.
