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From section 10 and section 11 of the Indian Contract Act, it is clear that the person, by reason of infancy, is incompetent to contract. Consequently, a minor’s agreement is void ab initio and cannot be enforced by either of the parties to the contract. Ratification of minor’s agreement: An agreement with a minor is void and therefore, it cannot be ratified by him after attaining the age of majority and the consideration given to the minor during minority cannot be a valid consideration for the promise made by him after attaining the majority. Further Section 12 states that: What is a sound mind for the purposes of contracting: A person is said to be of sound mind for the purpose of making a contract, if, at the time when he makes it, he is capable of understanding it and of forming a rational judgment as to its effect upon his interests. A person who is usually of unsound mind, but occasionally of sound mind, may make a contract when he is of sound mind. A person who is usually of sound mind, but occasionally of unsound mind, may not make a contract when he is of unsound mind.
In which decision-making technique do experts provide their opinions anonymously to avoid bias, and a consensus is reached after several rounds?
Bounded Rationality is also referred to as ___________
How does feedback play a role after making a decision?
Why is it necessary to eliminate other solutions in the decision-making process?
Rohan wants to buy a laptop. He wants a laptop that has 5 GB RAM, cost less than Rs.30,000 and is light weight. Which of the following step of rational ...
As per Herbet Simon’s bounded rationality theory, the decision made is ______ in nature.
What do we call a group brought together from different functions and levels of an organization to consider ways in which the organization's activities ...
Which of the following is the first step in decision making?
A phenomenon in which decision is taken by a group that conforms to majority opinion to maintain group harmony, is known as ____________
Which of the following is not a feature of strategic decisions?