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Faculty of Law, University PIM Banja Luka , Banja Luka , Bosnia and Herzegovina
Faculty of Law, University PIM Banja Luka , Banja Luka , Bosnia and Herzegovina
In order for an obligation contract to produce a legal effect, it is necessary to fulfill the conditions stipulated by the law for its creation and validity. The absence of any of these conditions renders the contract legally invalid. The Law on Obligations of the Republika Srpska mostly accepted the dual division of invalid legal transactions, and thus contracts, dividing them into void and relatively void, although one part of our legal theory adds to this division the category of the so-called non existent contracts. Long-standing judicial practice have not been sufficient to determine the precise difference between the conditions that must be met for a contract to be void or voidable. The paper discusses the theoretical and practical aspects of the distinction between void and voidable contracts as well as their legal effects, the consequences arising from these differences as well as the assumptions for the conversion and convalidation of invalid contracts.
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