Contractual Capacity

Question 1

What are the main categories which is the capacity of the contract?

Answer 1

MINORS,
PEOPLE WHO ARE MENTALLY ILL OR DRUNK,
CORPORATIONS.

Question 2

What is stated under the Financial Service Act 2013 (section 128, Schedule 8 (para4)) in terms of minors?

Answer 2

A minor attained the age of 10, but not 16 with the consent in writing of his parent or guardian may affect life policy on his own life or another which he has an insurable interest; may assign the life policy on his own life or take the assignment of a life policy.

A minor attained the age of 16, may affect a life policy on his own life or another which he has an insurable interest; may assign the life policy on his own life or take the assignment of a life policy.

Question 3

What are insurer corporations registered as in the Companies Act 1965?

Answer 3

Public limited companies have the same legal rights and duties as private individuals of full age and capacity and may therefore make contracts.