BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Accepting
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Competent
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Offering
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Offering compensation
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Detailed explanation-1: -Incompetent to Contract The following are the people who do not have the capacity to contract: Those with an unsound mind. Minors who have not crossed the majority age. Those who cannot contract because they are disqualified under the contracting law.
Detailed explanation-2: -Every person is competent to contract who is of the age of majority according to the law to which he is subject1, and who is of sound mind and is not disqualified from contracting by any law to which he is subject. 1. See the Indian Majority Act, 1875 (9 of 1875).
Detailed explanation-3: -Each party must be competent to contract legally binding agreements. The parties must exist and be identifiable and have the authority to contract.
Detailed explanation-4: -Federal and state consumer laws allow people to cancel certain contracts or sales of goods for any reason, such as buyer’s remorse, or for no reason at all. The Federal Trade Commission (FTC) requires sellers of goods in certain circumstances to allow consumers a “cooling off” period.