Question

If a person who has been declared incompetent by the courts enters into an agreement, that agreement is void, because it does not meet all the requirements of a binding contract. Which essential element of a contract is missing?

Answer 1

The missing essential element of a contract in the given scenario is competence.

Step-by-step explanation:

The missing essential element of a contract in the given scenario is competence.

When a person is declared incompetent by the courts, their ability to enter into agreements or contracts is compromised. In order for a contract to be binding, all parties involved must have the legal capacity to understand the terms and consequences of the agreement. If a person is deemed incompetent, they lack the necessary capacity to enter into a legally enforceable contract.

For example, if a person declared incompetent by the courts signs a contract to purchase a car, that agreement would be void because the person lacks the competence to fully understand the terms and implications of the contract.