Capacity of Parties refers to the legal competence of all parties involved in a contract to understand and engage in the agreement. Ensuring that all parties have the full legal capacity is crucial for the contract's enforceability.
A guardian is an individual appointed by a court to administer the personal affairs or property of an individual who is incapable of managing such duties by themselves, often due to age or incapacity.
An individual who is not legally capable of completing a contract due to mental illness, being a minor, or other factors rendering them incapable. Contracts involving incompetent parties are voidable.
Legal age refers to the official standard of maturity upon which an individual is considered legally responsible for their actions. In the context of real estate, contracts involving minors are typically voidable.
Voidable refers to a legal agreement or contract that is valid and enforceable until one party who is entitled to void it exercises the right to do so. Unlike void contracts, voidable contracts require action to be considered invalid.
