The legal capacity to enter into a contract requires:

The legal capacity to enter into a contract is primarily determined by competency and age. Competency refers to an individual's mental ability to understand the nature, purpose, and consequences of the contract they are entering into. This means that the person must not be mentally impaired or influenced by drugs or alcohol at the time of contracting.

Additionally, age plays a crucial role, as individuals must be of a certain legal age to enter into most contracts. In Massachusetts, the general age of majority is 18 years. Contracts entered into by minors are typically voidable at the minor's discretion, reflecting the legal understanding that minors may not have the same capacity to comprehend contractual obligations.

While financial stability, legal representation, and property rights may affect the overall context of a real estate transaction, they do not directly relate to the fundamental legal capacity necessary to effectuate a contract. Thus, the combination of competency and age is essential to ensure that a party possesses the necessary legal capacity to enter into enforceable agreements.