What do you understand by competency to contract?

Question: What do you understand by competency to contract?

 Competency to contract refers to the legal ability of a person to enter into a binding contract. It is an essential requirement for a contract to be valid, and it means that the parties involved must have the mental capacity to understand the terms and consequences of the agreement. To be competent to contract, a person must be of legal age, must be of sound mind, and must not be under any undue influence or duress. If any of these conditions are not met, the contract may be deemed void or voidable.

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