Maryland contract law requires parties to have legal capacity to enter into a binding agreement.
Evaluate each option.
A. Intoxicated individuals
May lack capacity if intoxication impairs understanding.
B. Mentally ill individuals
May lack capacity depending on severity and adjudication.
C. Minors
Generally lack full contractual capacity.
D. Retired individuals
Retirement status does not affect legal capacity.
Insurance relevance.
Producers must ensure applicants have legal capacity to avoid voidable contracts.
Conclusion.
Retired individuals have full contractual capacity, making option D correct.
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