Illegal Bargains Explained | Noncompete Agreements, Usury & Public Policy (Business Law 1)

Illegal bargains can make an otherwise valid agreement unenforceable. In this Business Law 1 lesson, we examine agreements that violate statutes, agreements that violate public policy, and the legal consequences of illegality. Topics include regulatory versus revenue licensing statutes, gambling agreements, usury laws, Sunday statutes, covenants not to compete, exculpatory clauses, unconscionable contracts, tortious conduct, and agreements that improperly influence public officials. We also discuss the difference between procedural and substantive unconscionability, when noncompete agreements may be enforced in the sale of a business or employment setting, and the general rule that courts will not enforce illegal bargains. Finally, we cover the major exceptions to the unenforceability doctrine, including withdrawal before performance, protected parties, excusable ignorance, partial illegality, and restitution. This video is intended for educational purposes for students studying business law, contract law, legal environment of business, and related courses. Individuals seeking legal advice should consult a qualified attorney licensed in the appropriate jurisdiction. #businesseducation #businesslawlectures #businesslaw #accountingstudent #contracts Chapters 00:00 Introduction to Illegal Bargains 01:28 Overview of Illegal Agreements and Enforceability 06:07 Regulatory vs. Revenue Licensing Statutes 09:23 Usury Laws and Interest Rate Restrictions 13:04 Agreements Contrary to Public Policy 14:43 Restraints of Trade and Competition 17:03 Covenants Not to Compete: Employment and Business Sales 23:35 Exculpatory Clauses and Liability Waivers 28:11 Unconscionable Contracts and Unfair Bargains 32:55 Contracts of Adhesion 33:50 General Rule: Unenforceable Agreements 35:45 Exceptions to the Rule of Unenforceability About Brian Winrow Brian Winrow is a tax attorney and educator with extensive experience in taxation, accounting, and business. He holds a J.D., LL.M. in Taxation, DBA, MAcc, and MBA and is licensed to practice before the U.S. Tax Court. Brian teaches undergraduate and graduate-level tax and accounting courses and focuses on making complex tax concepts easy to understand. He is the founder of Winrow Tax Services, where he works with individuals and businesses on a wide range of tax matters. For more information, visit Winrow Tax Services at www.winrowtax.com. Have questions? Leave them in the comments. If you are interested in becoming a client, please contact [email protected] directly rather than posting confidential information in the comments.