Express And Implied Contracts
Express contracts, which may be written or oral, are contracts in which the terms of the agreement made are explicitly stated: when a valid offer is accepted, an express contract has been created. Implied contracts, usually referred to as "implied in fact," are contracts that are formed by the behavior of the parties in the absence of directly negotiating the specifics of the transaction. Making an appointment with a repairman to have a broken washing machine fixed is an implied contract--the repairman may reasonably expect to be paid for making the repairs. The term "implied in fact" is used to distinguish this type of implicit arrangement from an "implied in law" contract, or "quasi-contract." A quasi-contract is not an actual contract; it is a non-binding legal mechanism used in special circumstances to prevent one party from being severely harmed or unjustly enriched by an implicit arrangement.
- Contract Law - Void And Voidable Contracts
- Contract Law - The Uniform Commercial Code
- Other Free Encyclopedias