malaysian business law

1. "Every person competent to contract is free to contract upon such terms as he thinks fit. However the law placed limitations upon capacity of certain persons to bind themselves by a

promise or to enforce a promise made to them. These person includes minors, insane persons, and bankrupts."

According to the above statement, answer the following questions;

i) Define the meaning of minor contract and its binding effect (5 marks)

ii) Analyse three (3) exceptions of contract by a minor (15 marks)

iii) Explain your understanding about "sound mind" (5 marks)