Business Law Questions

David had a history of frequent admissions to various types of mental institutions. David was not considered dangerous and, in fact, would have long intervals of lucidity between recurring mental problems. During a lucid interval, David entered into a contract to purchase a new Mustang convertible. Later, David wanted to avoid the contract on the grounds of his incompetence.
Can he do so?
Instructions:
Your answer must be at least 3 typed written pages in length. You must discuss the definition of a contract; discuss all contract elements including offer, acceptance, consideration, meeting of the minds and legality. THESE FIVE ARE IMPORTATNT!! Are all of those contracts elements present in this scenario?; Are you missing any of the contracts elements, if so, which ones? You also need to discuss the contracts theory of law that explains the answer to the above scenario. The answers are found in contracts chapters from your book. You must state the theory of law that you are relying upon in answering this question, explain the theory carefully and how the facts of this scenario apply or do not apply to that theory of law.

A contract is an agreement between two parties that crates an obligation to perform or not perform a particular duty. Contract is enforceable by a court of law or equity, if one party fails to perform as promised, the other party can use the system of law and court to enforce the contract and remedy or recover damages.
In order to be legally enforceable the contract requires an offer, an acceptance, the contractual capacity and the lawful object.
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