What is the difference between legally binding agreement and an illegally binding agreement in simple terms with examples
Question
What is the difference between legally binding agreement and an illegally binding agreement in simple terms with examples
Solution
A legally binding agreement is a contract between two or more parties that is enforceable by law. For example, when you sign a lease for an apartment, you are entering into a legally binding agreement with the landlord. You agree to pay a certain amount of rent each month, and the landlord agrees to provide you with a habitable living space. If either party fails to uphold their end of the agreement, the other party can take legal action.
An illegally binding agreement, on the other hand, is a contract that involves illegal activities and is not enforceable by law. For example, if two people enter into an agreement to commit a crime, such as robbery, this is an illegally binding agreement. Even if one party fails to uphold their end of the agreement (for instance, they don't participate in the robbery), the other party cannot take legal action because the agreement itself is illegal.
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