Which of the following is NOT considered legally incompetent to contract?

A corporation is not considered legally incompetent to contract because it is a legal entity created by law, allowing it to enter into contracts, sue, and be sued in its own name. Corporations can conduct business, own property, and engage in contractual agreements as they are recognized by legal statutes and have the capacity to perform legal actions.

In contrast, a child typically lacks the legal capacity to contract due to their age, which can affect their ability to understand the implications of contracts. A trade name does not have legal personhood and cannot contract; it merely represents a business's name. Similarly, a senile person may be deemed incompetent to enter into contracts if they lack the mental capacity necessary to understand the terms and consequences of the agreement. Therefore, a corporation stands apart by being fully capable of engaging in contracts, making it the correct choice in this context.