What do you need to know? Each type of fictitious transaction has a number of characteristic features. For example, voidable ones violate the letter of the law so much that their recognition as invalid does not require the participation of the court - non-fulfillment of the contract is allowed.
In this article:
What is a deal?
Concept and types of invalid transactions
Features of invalid voidable transactions
Signs and grounds for numbers (south korean tv series) recognizing voidable transactions as invalid
Procedure for filing claims for invalid transactions
Examples of invalidation of transactions
Application of the consequences of invalidity of transactions
Cases of impossibility of applying the consequences of invalidity of a transaction
Frequently asked questions about voidable transaction
In-Depth Guide: How to Cut Your Ad Costs by 25% with Artificial Intelligence
Download for free
What is a deal?
A transaction is an act that entails the creation, change or termination of the rights and obligations of the participants. Every day, people enter into various types of them:
Buying groceries in a store is a typical retail transaction.
Traveling to work by bus implies a contract for the carriage of passengers.
Ordering a car wash is an example of a service agreement.
Giving your neighbor money until payday without interest is an interest-free loan.
There is no exhaustive list of types of such acts in the legislation, so there are so many such examples that they can be listed endlessly.
Transactions can be classified as unilateral, bilateral and multilateral depending on the number of participants and the conditions of their implementation.
A unilateral transaction requires the action of only one of the participants. Writing a power of attorney and making a will are classic examples. If a grandmother gives her grandson a paper - permission to sell an apartment, then the transaction is already considered concluded. Whether the document will be used later or not is irrelevant.
What is a deal?
Source: shutterstock.com
A bilateral transaction requires the consent of two participants or organizations. For example, when selling an apartment, it is necessary to obtain the consent of the other party, the buyer. Most such acts imply the presence of two participants.
A multiparty transaction involves at least three parties. An example of such contracts is a shareholder agreement, where the co-owners of a company agree on the rules of management.
It is important to distinguish between the concepts of "transaction" and "contract". The key difference between them is the number of parties involved. The specificity of a contract is the need for mutual agreement. The number of parties in a transaction is not always equal to the number of participants.
In the legal sense, the first is a legal entity or a group of persons acting in an agreement "as one front". A participant is an individual or organization participating in a transaction. In a sales contract, there are always two parties: the seller and the purchaser.
Nikolai sells a car to Alexey - there are two parties. In addition to them, others may be included in the contract: Nikolai's wife - as the seller, Alexey's wife - as the buyer. The number of participants increases to four, but the number of parties is still two.