BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mentally impaired people, if declared insane or incompetent.
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Upper Middle Class People
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Wealthy Class People
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None of these answers
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Detailed explanation-1: -Minors. Any person who is not of the age of majority is a minor. In India, 18 years is the age of majority. Below the age of 18 years does not have the capacity to enter into a contract.
Detailed explanation-2: -A mentally incompetent person generally lacks the ability to enter into a contract. If the mental incompetency is temporary, the individual must disaffirm any contract entered into during incapacity within a reasonable time of regaining capacity.
Detailed explanation-3: -As long as an individual is a person over the age of eighteen, not under the influence of drugs or alcohol (in certain situations), and mentally competent, they are considered to have the legal capacity to enter a contract.
Detailed explanation-4: -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.