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  • Learning Objective: - Will Be Able To Explain

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    Siddhartha Yadav
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    - To be competent to contract, one must be of the age of majority, of sound mind, and not disqualified by law. - The age of majority differs by law but a contract with a minor is generally void except to supply necessities, for education, or to discharge family obligations that benefit the minor. - To have sound mind means being able to understand the contract terms and effects on one's interests, even if occasionally of unsound mind. - Certain persons like enemies, foreign officials, convicts and insolvents may be disqualified by law from contracting.

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    All about contract act

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    Contract Act

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    - To be competent to contract, one must be of the age of majority, of sound mind, and not disqualified by law. - The age of majority differs by law but a contract with a minor is generally void except to supply necessities, for education, or to discharge family obligations that benefit the minor. - To have sound mind means being able to understand the contract terms and effects on one's interests, even if occasionally of unsound mind. - Certain persons like enemies, foreign officials, convicts and insolvents may be disqualified by law from contracting.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    41 views8 pages

    Learning Objective: - Will Be Able To Explain

    Uploaded by

    Siddhartha Yadav
    - To be competent to contract, one must be of the age of majority, of sound mind, and not disqualified by law. - The age of majority differs by law but a contract with a minor is generally void except to supply necessities, for education, or to discharge family obligations that benefit the minor. - To have sound mind means being able to understand the contract terms and effects on one's interests, even if occasionally of unsound mind. - Certain persons like enemies, foreign officials, convicts and insolvents may be disqualified by law from contracting.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 8

    LEARNING OBJECTIVE

    Will be able to explain : - Who are the competent persons to enter in to a Contract. TOPICS FOR DISCUSSION : -Persons competent to enter in to Contract, -Age of majority -Sound Mind, -Forbidden by law, What is Free Consent ?

    Punjab National Bank

    Capacity to Contract
    Section 11:
    Every person is competent to contract : - who is of the age of majority , according to the law to which he is subject , - who is of sound mind , - not disqualified from contracting by any law to which he is subject .

    Punjab National Bank

    Age of majority under different laws. Any agreement with a Minor is void.

    Age of Majority & the Role of Minor Who is a minor ?

    Under the following circumstances , a contract with a minor is valid: -For supply of necessaries , -For education imparted , -For discharge of family & legal obligation incurred for the benefit of the minor. There is no estoppel against the minor. The minor can be a beneficiary for the benefit of profit without any liability. Minor can deposit money in the bank , but cannot borrow.

    Punjab National Bank

    Person of Sound Mind :


    A person is said to be of sound mind for the purpose of making a contract , if at the time : when he is capable of understanding the terms of the contract & to form a rational judgment as to its effects on his interest. Persons of usually of unsound mind but occasionally of sound mind & Vice versa; -Lunatics , -Drunkard Persons.

    Punjab National Bank

    Persons disqualified by law


    Alien enemy

    Foreign Sovereigns & Ambassadors, Convicts, Insolvents


    Punjab National Bank

    Cases
    X is a deaf & dumb desires to buy a vehicle on hire purchase. Can he do so?

    A minor borrowed Rs 20,000/ by mortgaging his property. But , minor failed to repay the loan . Can the lender recover the money from the minor?
    Punjab National Bank

    Free Consent
    Section 13: Consent :Two or more persons are said to consent when they agree upon the same thing in the same sense. Consent to be free it must have been given & not obtained . Consent is said to be free ,when it is not caused by : - Coercion or - Undue influence or - Fraud or - Misrepresentation or - Mistake .
    Punjab National Bank

    In this Session we Summary have learnt: Important Provisions relating to: The competent persons to enter in to a Contract. In the Next session we will discuss: What is a free consent as per the Contract Act not caused by 1) Coercion , 2) Undue influence, 3) Fraud, 4) Misrepresentation 5) Mistake of Law.
    Punjab National Bank

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