True or False: A minor is legally allowed to enter into a contract.

False. Minors are not legally allowed to enter into a contract.

What are the three main criteria that define a person's competence to contract?

Age of majority, sound mind, and legal capacity.

Fill in the blank: An individual declared ___ is disqualified from entering into a contract.

Bankrupt

Who is considered an incompetent party to a contract?

Individuals who are minors, of unsound mind, or disqualified by law.

True or False: A person of sound mind is incapable of understanding the terms of a contract.

False. A person of sound mind is capable of understanding the terms of a contract.

Fill in the blanks: According to the Indian Contract Act, a person must be of the age of ___ and of ___ mind to enter a valid contract.

Majority, sound

What does Section 11 of the Indian Contract Act of 1872 address?

It addresses the capacity to contract, emphasizing its necessity for a valid agreement.

According to the Indian Majority Act, 1875, a person is deemed to have attained the age of majority upon turning ___ years old.

18 years old.

True or False: A minor is considered competent to enter into a contract.

False. A minor is generally considered not competent to contract.

What happens to the capacity to enter into a contract if a court appoints a guardian for a minor?

The age of majority is raised to 21 years for that minor.

Fill in the blank: An agreement made by a minor is typically classified as ___ or ___, leading to legal controversy.

Void or voidable.

Section 10 of the law states that an agreement must be between parties who are ___ to contract.

Competent.

Fill in the blank: According to Section 11, a minor is ___ of entering into a contract.

Incapable.

True or False: The law provides a clear effect of agreements made by minors.

False. The law does not clarify the effect of an agreement made by a minor.

What is the primary legal issue regarding agreements entered into by minors?

The primary issue is whether such agreements are void or voidable.

A contract made by a minor is considered ___ ab initio.

Void

True or False: A minor can be held liable for a contract they enter into.

False. Minors cannot be held liable for contracts as they are void ab initio.

The legal definition of a contract assumes the existence of ___ parties capable of entering into agreements.

Competent

The presumption that individuals are the best judges of their own interests does not apply to ___ individuals.

Minors

What was the amount of the loan secured by the minor's mortgage?

Rs. 20,000

True or False: The agreement made by a minor is voidable at the minor's discretion.

False. The agreement is void ab initio, not voidable.

Fill in the blank: The court's ruling emphasized that agreements with minors are ___ from the outset.

Void

What is the implication of a minor's agreement being void ab initio in legal terms?

It means that the agreement has no legal effect from the beginning and cannot be enforced.