JD Seller, just so you will know in case you don't already (you're an experienced business man and likely do already), at Common Law a person who is mentally incompetent, in general lacks the legally required element of "CAPACITY" to enter into a Contract. Such Contracts can (subject to facts and laws) be judicially determined to be VOID and set aside or are VOIDABLE at the very least.
The Common Law requirements of a valid contract (as best I recall from my Law School days) are Offer, Acceptance, Consideration, Capacity and Legality. If any of those are missing the Contract can be null and void or voidable depending on circumstances. NOTE: If one party unaware enters and acts in good faith and has clean hands, there can be some degree of "equitable relief" available in certain limited circumstances.
I'm sure you have enough experience and common good business sense to deal with this situation, but if things get complicated and if there's a lot at stake, I suggest you consult with an experienced trained professional attorney for advice versus lay opinions.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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