Lack of legal capacity is a legitimate means to avoid accountability under an otherwise binding contract

LACK OF LEGAL CAPACITY IS A LEGITIMATE MEANS TO AVOID ACCOUNTABILITY UNDER AN OTHERWISE BINDING CONTRACT.
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(12th, March, 2011)
Table of Contents
 TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc288480384"
Introduction  PAGEREF _Toc288480384 \h
3
 HYPERLINK \l "_Toc288480385"
Legal Capacity to Enter Into Contracts  PAGEREF _Toc288480385 \h
3
 HYPERLINK \l "_Toc288480386"
Critical Elements of Contracts  PAGEREF _Toc288480386 \h
4
 HYPERLINK \l "_Toc288480387"
Formal Contracts  PAGEREF _Toc288480387 \h
6
 HYPERLINK \l "_Toc288480388"
Lack of Legal Capacity  PAGEREF _Toc288480388 \h
6
 HYPERLINK \l "_Toc288480389"
Contract Law Exceptions  PAGEREF _Toc288480389 \h
7
 HYPERLINK \l "_Toc288480390"
Entry of Minor In Contract  PAGEREF _Toc288480390 \h
8
 HYPERLINK \l "_Toc288480391"
Legal Capacity  PAGEREF _Toc288480391 \h
9
 HYPERLINK \l "_Toc288480392"
Statutory Protection  PAGEREF _Toc288480392 \h
10
 HYPERLINK \l "_Toc288480393"
Conclusion  PAGEREF _Toc288480393 \h
11

Lack of Legal Capacity is A Legitimate Means to Avoid Accountability under an Otherwise Binding Contract.
Introduction
Contract is defined as agreement which is done between two parties and therefore promises which are enforceable and can therefore be summed up in a Latin phrase Pacta sunt servanda simply meaning ‘agreements must be kept’. For any parties that are bound by any agreements determination have to\be made of a facie that is valid as well as an enforceable contract must exist. Hence, contract is therefore defined as agreements that contain promises that are made between parties who are agreeing together with an aim of enacting legal rights as well as responsibilities that are implemented in a court of law. The only element that can be used to distinguish contracts from the informal agreements it stat contracts are legally binding meaning that the laws can provide a solution in the net that the promise or the offer made is not fulfilled by any of the parties engaged in the contract. Based on the law many it is recommended that contracts should be in written form but also the oral contracts are legitimate as well in many circumstances the thus oral contracts maybe held even when there is no accord as to all of its conditions.
Legal Capacities to Enter Into Contracts
For any contract to be legally binding it this elements must be adhered to: first there must be there on offer, secondly the existing must be conventional, the deliberation must be agreed between parties involved. Hence, the parties involved must have an intention of making the accord to be legally obligatory as stated contract must not be for an illegal purpose and finally the parties involved in the contract should have a legal ability to be bale to agree in such contracts.
Second essential on contract is that it has a bid ...