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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