In the legal terms, an illegal agreement refers to an agreement that is considered illegal by the law. It means that if any two parties enter into an agreement, and the terms of the agreement go against any law, statute or regulation, it will be considered an illegal agreement. Such agreements are not enforceable by the law, and if any of the parties breaches it, they cannot seek any relief from the court.
Here are two examples of illegal agreements.
1. Agreement to commit a crime: If two parties enter into an agreement to commit a crime, it will be considered an illegal agreement. For instance, if two people agree to rob a bank, the agreement will be illegal as robbery is a punishable offense.
2. Agreement to restrain trade: Any agreement that aims to restrain trade will be considered illegal. For instance, if two companies agree not to sell their products at a particular price, it will be considered an illegal agreement. Such agreements can harm both the consumers and competitors.
In conclusion, it is crucial to understand that illegal agreements are not enforceable by law. Any agreement that goes against the law, statute, or regulation is considered an illegal agreement. As a responsible citizen, it is crucial to avoid such agreements and seek legal advice before entering into any contract or agreement.