Legal analysis: contracts that do not violate the mandatory provisions of laws and regulations have legal effect, and the parties can be held accountable according to the provisions of the company's articles of association. A contract signed by the company's legal representative in violation of the company's articles of association is valid when the third party is a bona fide counterpart. When the third party is a malicious counterpart, the validity of the contract is to be determined.
Legal basis: Article 504 of the Civil Law of People's Republic of China (PRC) states that a contract concluded by the legal representative of a legal person or the person in charge of an unincorporated organization exceeds its authority, unless the counterpart knows or should know that it exceeds its authority, the representative's behavior is valid, and the contract concluded is valid for the legal person or unincorporated organization.