Unlike the legislation of a number of other states, where the concept of "transaction" is used in various branches of law, in Russian legal practice this category refers exclusively to the sphere of civil law. The norms fixing the concept and basic requirements for transactions are contained in Chapter 9 of the Civil Code of the Russian Federation (Civil Code of the Russian Federation).
Transactions are understood as such actions of individuals and legal entities that are performed by them in order to establish, change or terminate civil rights and obligations.
In a transaction, not only the content is important, but also the form in which it is made. According to the Civil Code of the Russian Federation, the form of the transaction can be oral and written. For some transactions made in writing, the law requires notarization. To conclude transactions in respect of which an oral form is allowed, a certain behavior of the person expressing the intention to enter into a transaction is sufficient, sometimes just silence is considered as such behavior.
Failure to comply with the form of the transaction leads to unfavorable consequences for the persons who made it, up to the recognition of the transaction as invalid in cases established by law.
The Civil Code of the Russian Federation adopted a certain classification of transactions. So, according to the number of parties involved in the transaction, one can distinguish between unilateral, bilateral and multilateral transactions. Most of the contracts are bilateral deals. If the conclusion of a contract requires the agreed expression of the will of three or more parties, such a transaction is recognized as multilateral. A will can be cited as an example of a unilateral transaction: in order for it to have legal force, the expression of the will of one party - the testator - is sufficient.
Since the principle of "everything that is not prohibited is permitted" applies to civil law relations, citizens and organizations have the right to conclude transactions both regulated by law and those that are not legally regulated. However, the Civil Code of the Russian Federation establishes that concluded transactions may be invalidated: voidable or null and void.
Contested transactions are those with a claim for challenging which persons established by law can apply to the court. The grounds for such a challenge are the threat, deception or violence that occurred during the transaction; delusion; inability to understand their actions at the time of the transaction, etc. Transactions that contradict the legislation are deemed void; violating the foundations of law and order and morality; committed without the intention to generate the consequences corresponding to the transaction and others, in accordance with the Civil Code of the Russian Federation.
An invalid transaction does not entail legal consequences other than those arising from its invalidity.
