An Illegal Contract Is Valid If the Parties to It

question 61

True/False

An illegal contract is valid if the parties to it were unaware of the illegality.

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Definitions:

Joseph Stiglitz

An American economist and a professor at Columbia University, renowned for his work on income distribution, asset risk management, and globalization.

Globalization

The process of interaction and integration among people, companies, and governments worldwide, leading to increased connectivity and interdependence.

Nobel Prize-winning Economist

An economist who has been awarded the Nobel Prize in Economic Sciences, an honor recognizing outstanding contributions to the field of economics.

Micro-multinational Corporation

A small-sized company that operates and sells its products or services in multiple countries.