As a professional, I have researched and written an article covering the topic of “types of illegal contracts in law of contracts”. This article aims to provide readers with a comprehensive understanding of the different types of contracts that are considered illegal in the law of contracts.
The law of contracts is a branch of law that deals with the legal agreements between two or more parties. It is important for individuals and businesses to understand the different types of contracts that are considered illegal, as entering into such contracts can lead to serious legal consequences.
1. Contracts in restraint of trade
Contracts in restraint of trade are contracts that restrict a person`s freedom to engage in a trade or profession. These contracts are considered illegal as they are against public policy and are seen as an unfair restriction on a person`s ability to earn a livelihood.
2. Agreements to commit a crime
Agreements to commit a crime are contracts where two or more parties agree to engage in illegal activities. These contracts are considered illegal as they are against public policy and are seen as a violation of the law.
3. Contracts involving fraud
Contracts involving fraud are contracts where one party intentionally deceives another party to enter into the contract. These contracts are considered illegal as they are seen as a violation of the principles of good faith and fair dealing.
4. Contracts involving duress
Contracts involving duress are contracts where one party is forced to enter into the contract under threat or coercion. These contracts are considered illegal as they do not represent a true agreement between the parties and are seen as a violation of the principles of consent.
5. Contracts involving minors
Contracts involving minors are contracts where one party is under the age of majority. These contracts are considered illegal as minors are not legally capable of entering into contracts.
In conclusion, it is important for individuals and businesses to understand the different types of contracts that are considered illegal in the law of contracts. By understanding these types of contracts, individuals and businesses can avoid entering into illegal contracts and protect themselves from legal consequences.