What are the capacity of the parties to enter into a contract in commercial?
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Explanation:
When two people enter into a contract, six elements must be met. Those elements include:
Offer that specifically details exactly what will be provided
Acceptance (the agreement by the other party to the offer presented)
Consideration (the money or something of interest being exchanged between the parties)
Capacity of the parties in terms of age and mental ability
Intent of both parties to carry out their promise
The object of the contract is legal and not against public policy or in violation of law
The element we will focus on is capacity, and it means a person's legal ability to enter into a contract. To best explain who can enter into a contract, let's use some examples of who is forbidden to enter into a contract.
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