A, a minor, is the sole owner of a property inherited from his father. He decides to mortgage the property to B, a moneylender, to secure a loan of ₹50,000. At the time of the transaction, B is aware that A is a minor bu

A, a minor, is the sole owner of a property inherited from his father. He decides to mortgage the property to B, a moneylender, to secure a loan of ₹50,000. At the time of the transaction, B is aware that A is a minor but still proceeds with the mortgage deed. After receiving a portion of the loan amount, A refuses to pay back the loan and files a suit claiming that the contract is void as he is a minor. B argues that since A has benefited from the transaction, he must either return the money received or the contract should be specifically enforced against him. He further contends that A's guardian has ratified the contract, making it binding. Based upon the case study, answer the following questions: Critically analyze the competency of parties in contract law, using the problem as a case study. How does the Indian Contract Act, 1872, address the validity of agreements involving minors?