The contract can be defined as any agreement which is legally enforceable. So, the fundamental elements of a contract are agreement and enforceability as per law, wherein the agreement is a result of offer and acceptance. Based on the formation, contracts are grouped as, express contract, implied contract and quasi-contract. Express contracts connote the type of contract whose terms are expressly declared. On the other extreme, implied contracts are those contracts which are not expressly stated by the parties concerned, but by their act or behaviour, the contract is created. Lastly, quasi-contracts are the ones which are actually not a contract but are similar to a contract.
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Express Terms Contract Law | UpCounsel
Next, is a consideration. The store manager agreed to accept the product, but there was no mention of what Mr. Stevens was going to receive in return. There was also no mention of when and where it was to be shipped. Therefore, this would keep this from being a legal contract if this was not stated when the contract was formed.
Difference Between Express Contract and Implied Contract
However, commercial solicitors will tell you that contracts can contain both express and implied terms. If an implied term is in a contract it will potentially be binding on your business without you necessarily being aware of the term. Implied terms are a minefield for contracting parties. Here, we discuss the differences between express terms and implied terms, consider types of these terms and whether implied terms can be excluded and set out a few practical tips.