Yes, I agree with the statement that one has to be competent to contract. According to the Indian Contract Act, 1872, there are certain requirements that need to be fulfilled for a person to be considered competent to contract.

Section 11 of the Indian Contract Act, 1872, 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.

1. Age of Majority: In India, the age of majority is 18 years. Any person below 18 years is considered a minor and is not competent to contract. Any contract made with a minor is void-ab-initio, i.e., void from the beginning.

2. Sound Mind: A person is said to be of sound mind for the purpose of making a contract if, at the time when he makes it, he is capable of understanding it and of forming a rational judgment as to its effect upon his interests. A person who is usually of unsound mind, but occasionally of sound mind, may make a contract when he is of sound mind. Similarly, a person who is usually of sound mind, but occasionally of unsound mind, may not make a contract when he is of unsound mind.

3. Not Disqualified by any Law: A person is not competent to contract if he is disqualified from contracting by any law to which he is subject. For example, insolvents, convicts, alien enemies, etc., are disqualified from contracting.

If these requirements are not satisfied, the contract becomes void or voidable. A void contract is one that is null and without legal effect from the beginning. For example, a contract made by a minor is void. A voidable contract, on the other hand, is a contract that may be affirmed or rejected at the option of one of the parties, but until it is rejected, it remains enforceable. For example, a contract made by a person of unsound mind is voidable.

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Yes, I agree with the statement that one has to be competent to contract. According to the Indian Contract Act, 1872, there are certain requirements that need to be fulfilled for a person to be considered competent to contract.

Section 11 of the Indian Contract Act, 1872, 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.

1. Age of Majority: In India, the age of majority is 18 years. Any person below 18 years is considered a minor and is not competent to contract. Any contract made with a minor is void-ab-initio, i.e., void from the beginning.

2. Sound Mind: A person is said to be of sound mind for the purpose of making a contract if, at the time when he makes it, he is capable of understanding it and of forming a rational judgment as to its effect upon his interests. A person who is usually of unsound mind, but occasionally of sound mind, may make a contract when he is of sound mind. Similarly, a person who is usually of sound mind, but occasionally of unsound mind, may not make a contract when he is of unsound mind.

3. Not Disqualified by any Law: A person is not competent to contract if he is disqualified from contracting by any law to which he is subject. For example, insolvents, convicts, alien enemies, etc., are disqualified from contracting.

If these requirements are not satisfied, the contract becomes void or voidable. A void contract is one that is null and without legal effect from the beginning. For example, a contract made by a minor is void. A voidable contract, on the other hand, is a contract that may be affirmed or rejected at the option of one of the parties, but until it is rejected, it remains enforceable. For example, a contract made by a person of unsound mind is voidable.

Knowee AI · Accepted Answer

Yes, I agree with the statement that one has to be competent to contract. According to the Indian Contract Act, 1872, there are certain requirements that need to be fulfilled for a person to be considered competent to contract.

Section 11 of the Indian Contract Act, 1872, 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.

1. Age of Majority: In India, the age of majority is 18 years. Any person below 18 years is considered a minor and is not competent to contract. Any contract made with a minor is void-ab-initio, i.e., void from the beginning.

2. Sound Mind: A person is said to be of sound mind for the purpose of making a contract if, at the time when he makes it, he is capable of understanding it and of forming a rational judgment as to its effect upon his interests. A person who is usually of unsound mind, but occasionally of sound mind, may make a contract when he is of sound mind. Similarly, a person who is usually of sound mind, but occasionally of unsound mind, may not make a contract when he is of unsound mind.

3. Not Disqualified by any Law: A person is not competent to contract if he is disqualified from contracting by any law to which he is subject. For example, insolvents, convicts, alien enemies, etc., are disqualified from contracting.

If these requirements are not satisfied, the contract becomes void or voidable. A void contract is one that is null and without legal effect from the beginning. For example, a contract made by a minor is void. A voidable contract, on the other hand, is a contract that may be affirmed or rejected at the option of one of the parties, but until it is rejected, it remains enforceable. For example, a contract made by a person of unsound mind is voidable.

One has to be competent to contract. Do you agree with this statement? Explain your answer with reference to various requirements for being a competent party to contract as per Indian act 1872. Also write the effect if the said are not satisfied

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