Hi all, the answer to last week's quiz is c) capacity to contract. Here is our definition from our book "Drafting Commercial Contracts: Vocabulary Series":
Capacity to Contract (collocation): This phrase means that a party who signs a contract, intended to sign it and understands the terms and conditions that are stated in it. However, if a party does not have capacity to contract then it is not legally binding on that party. Common examples of parties who do not have capacity to contract are minors (children) and people who are mentally impaired or disabled. It is interesting to note that a contract that is in a different language to the party who signs it (and doesn’t understand it) may still be legally bound by the contract. Associated Words: To Bind (verb), Party (noun).
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