What is legal capacity in contract law?
An example of an AI chatbot conversation about legal capacity in contract law.
What is legal capacity in contract law?
Legal capacity refers to the ability of a person to enter into a binding contract. It means that the individual has the mental and legal ability to understand the terms and consequences of the contract.
Who lacks legal capacity?
Individuals who are minors, mentally incapacitated, or intoxicated typically lack legal capacity to enter into contracts.
Can a contract be voided if one party lacks legal capacity?
Yes, if one party lacks legal capacity, the contract can be declared void or voidable, depending on the circumstances.
What are the implications of a contract being voidable?
A voidable contract remains valid until the party lacking capacity chooses to void it. This means they can enforce it if they wish.
How can someone prove they have legal capacity?
Proving legal capacity usually involves demonstrating that the individual understands the contract's terms and can make informed decisions.
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