B Com Exam > B Com Videos > Business Law > Legality of object - Contract, Business Law
Legality of object - Contract, Business Law Video Lecture | Business Law - B Com
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FAQs on Legality of object - Contract, Business Law Video Lecture - Business Law - B Com
| 1. What is the legality of a contract? |  |
Ans. The legality of a contract refers to the compliance of the contract with the applicable laws and regulations. For a contract to be legally binding, it must not involve any illegal activities or go against public policy. Contracts that involve illegal activities, such as drug trafficking or fraud, are considered void and unenforceable by the courts.
| 2. What are the elements required for a contract to be legally valid? | |
Ans. For a contract to be legally valid, it must have the following elements:
- Offer: One party makes a clear and definite proposal to another party.
- Acceptance: The other party agrees to the terms of the offer without any conditions or modifications.
- Consideration: Both parties exchange something of value, such as money, goods, or services.
- Capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of legal age and mentally competent.
- Intent: Both parties must have the intention to create a legal relationship.
- Legality: The contract must not involve any illegal activities or go against public policy.
| 3. What happens if a contract is illegal? | |
Ans. If a contract is illegal, it is considered void and unenforceable by the courts. This means that neither party can enforce the terms of the contract or seek remedies for any breach. The court will not provide any assistance in enforcing an illegal contract because it goes against public policy and the law.
| 4. Can a contract be partially legal and partially illegal? | |
Ans. Yes, a contract can be partially legal and partially illegal. In such cases, the court will enforce the legal portions of the contract but will not enforce the illegal portions. This is known as the doctrine of severability or blue pencil rule. The court will strike out the illegal provisions and enforce the remaining legal provisions if they are capable of standing alone.
| 5. What are the consequences of entering into an illegal contract? | |
Ans. Entering into an illegal contract can have serious consequences. If a party knowingly enters into an illegal contract, they may be subject to criminal penalties or civil liabilities. Additionally, they may lose any rights or remedies they would have had under a legal contract. It is important to consult with legal professionals and ensure that contracts comply with the applicable laws and regulations to avoid these consequences.
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Nov 17, 2024 Last updated |
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