INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What requirement of a legally enforceable contract requires that both of the parties who are entering into the contract are sane, sober, and of legal age?
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Genuineness
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Consideration
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Capacity
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Legality of Purpose
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Explanation:
Detailed explanation-1: -To create a legally enforceable contract, there must be an offer, acceptance, and exchange of consideration between the parties involved. To enter into a legally enforceable contract, an individual must have the legal capacity or ability to do so.
Detailed explanation-2: -The law recognizes three categories of individuals who lack the capacity to contract: minors, individuals with psychological disabilities, and intoxicated persons. If anyone from these categories enters into a contract, the agreement might be considered “voidable” by them.
There is 1 question to complete.