Explanation:

In this scenario, the contract is considered to be void ab initio. Let's understand the reasons behind this classification:

Definition of Void Ab Initio:
A void ab initio contract is a contract that is considered void from the beginning or from the moment it was formed. It is a contract that is invalid and unenforceable from its inception.

Legal Capacity:
One of the essential elements for a valid contract is the legal capacity of the parties involved. Legal capacity refers to the ability of an individual to enter into a legally binding contract. In most jurisdictions, the age of majority is 18 years.

Minor's Capacity to Contract:
A person who is below the age of majority is considered a minor and has limited capacity to enter into contracts. Minors are generally not bound by their contractual obligations, and their contracts are usually voidable at their option.

Exception for Necessaries:
However, there is an exception to this rule. Minors are liable for contracts for necessaries, which are essential goods or services required for their well-being. In such cases, the minor may be held responsible for fulfilling their contractual obligations.

The Scenario:
In the given scenario, the person is aged 17 years and 11 months, which means they have not yet reached the age of majority. Therefore, they do not have the legal capacity to enter into a contract.

Promise to Bind on Attaining Majority:
While the person may have made an agreement to take a loan and promised to bind themselves upon reaching the age of 18 years, this promise does not make the contract valid. The contract remains void ab initio because it was entered into by a person who lacked the legal capacity at the time of formation.

Conclusion:
Considering the legal principle that contracts entered into by minors are generally voidable, and the person in question has not yet attained the age of majority, the contract is classified as void ab initio. This means that the contract is invalid and unenforceable from its inception.