Final answer:
An illiterate person can be bound by a written contract if they understood and agreed to the terms. Minors have the right to disaffirm contracts, making statement B true for legal capacity. Property rights and enforceable legal systems are crucial for contractual agreements and economic growth in society.
Step-by-step explanation:
When discussing legal capacity to enter into a contract, certain requirements must be met to ensure that the contract is valid and enforceable. Statement B) An illiterate person can be bound by a written contract, is true. Even if a person is illiterate, they can still be bound by a written contract as long as they understood the terms of the contract, perhaps through other means such as an oral explanation, and voluntarily agreed to them. Statement A) A minor's contract to sell land is valid unless he disaffirms the contract, is not entirely accurate. Generally, contracts made by minors are voidable at the minor's discretion and such contracts can be disaffirmed by the minor, often until a reasonable time after reaching the age of majority.
The concept of property rights is closely connected with contractual rights. Individuals or firms must own the property to enter into a contract concerning it. In a society with strong property rights and contractual rights, legal systems enforce these contracts, providing recourse through the courts in the event of noncompliance. This enforcement is vital for the facilitation of business and economic growth.