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:

Cultural Values

Fundamental beliefs or ideals shared by a group of people which dictate behaviors and provide a sense of identity and community.

Unconscious Reference

An implicit or automatic reference to knowledge or information not consciously recognized by an individual.

Laissez-Faire

An economic philosophy advocating for minimal government intervention in the marketplace, allowing the free market to govern itself through supply and demand.

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals pursuing their own interests unintentionally benefit society.