Business Environment and Law-Law Of Contract (Indian Contract Act 1872)
Competence To Contract-Law Of Contract
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Competence to contract is one of the essential elements of enforceability of an agreement. According to Sec. 10 ‘All agreements are contracts if they are made by… the parties competent to Contract…..As regards the meaning of competence, Sec.11 of the Contract Act states that “Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject.
Competence To Contract
Competence to contract is one of the essential elements of enforceability of an agreement. According to Sec. 10 ‘All agreements are contracts if they are made by… the parties competent to Contract…..As regards the meaning of competence, Sec.11 of the Contract Act states that “Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject.
A minor is a person who has not completed 18 years of age on the date of the contract. But in the following two cases the minority would continue up to the completion of 21 years of age:
Competence to contract is one of the essential elements of enforceability of an agreement. According to Sec. 10 ‘All agreements are contracts if they are made by… the parties competent to Contract…..As regards the meaning of competence, Sec.11 of the Contract Act states that “Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject.
The following persons are incapable of entering into a
contract:
1. A person who has not attained the age of majority i.e. A person who is still a MINOR.
2. A Person who is not of sound mind i.e. A person of unsound mind.
3. A Person who is disqualified by any other law to which he is subject (i.e., other disqualifications.)
1. A person who has not attained the age of majority i.e. A person who is still a MINOR.
2. A Person who is not of sound mind i.e. A person of unsound mind.
3. A Person who is disqualified by any other law to which he is subject (i.e., other disqualifications.)
Minor
A minor is a person who has not completed 18 years of age on the date of the contract. But in the following two cases the minority would continue up to the completion of 21 years of age:
- Where a guardian to the person or property of a minor is appointed by the court.
- When the minor is under the guardianship of the court of Wards, i.e. Minor’s property is looked after by the Court of Wards.
Tags : Business Environment and Law-Law Of Contract (Indian Contract Act 1872)
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