Jim sold his house to Ben for $100,000 on May 1, 2001.Today is June 1, 2001. The court determined today that Jim was mentally incompetent on May 1, the day hesold the house to Ben.A guardian has been appointed for Jim. The guardian wants Ben to give the house back in exchange for arefund of the $100,000.What are the rights of Jim and Ben?The contract stands unless both parties agree that the contract should end.Because the purpose of the law is to protect those people who contract with incompetentpersons, only Ben may avoid the contract.Because the court held that Jim was incompetent on May 1, both Jim and Ben have the abilityto avoid the contract.Because the purpose of the law is to protect incompetent persons, only Jim may avoid thecontract.

The Indian Contract Act, 1872 defines the word “Contract” under its section 2 (h) as “An agreement…

Answered: Jim sold his house to Ben for $100,000…

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