FAQs
What is the difference between an express and implied contract?
Express contracts are explicitly stated, either verbally or in writing, detailing the terms agreed upon by the parties. Implied contracts, on the other hand, are inferred from the conduct of the parties and the circumstances surrounding their interactions, rather than being explicitly stated.
What are the benefits of express contracts?
Express contracts provide clarity and certainty to the parties involved since all terms and conditions are clearly articulated. This clarity helps in avoiding misunderstandings and disputes that may arise from vague or ambiguous agreements. Additionally, express contracts can be enforced more easily in a court of law since the terms are explicitly stated.
What is an express promise in contract law?
An express promise in contract law refers to a clear and definite commitment made by one party to another, either verbally or in writing, regarding a specific obligation or performance. It forms the basis of an express contract and is enforceable by law as long as it meets the requirements of a valid contract, including consideration and mutual assent.