business law

What is an express contract?

the terms of the agreement are fully and explicitly stated in words, oral or written

what is an implied-in fact contract

circumstances imply that parties have reached an agreement even if there's no paper saying so

what is a contract

an agreement between two or more parties

What is an implied contract?

an agreement made through inference by sign, inaction, or silence

a contract must be enforceable under the law

legal purpose

agreeing to the terms set forth in an offer

acceptance

all parties must be mentally fit when a contract is signed

competent parties

what is implied in law

there is a requirement by law for each part to comply

not every contract has to be in writing to be valid and binding

writing requirement

what is an oral contract

when the terms are agreed to by spoken word, it is just as valid as a written contract

something of value provided by both parties in a contract

consideration

promise to do something in exchange for something in return

offer