BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Express
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Implied In Fact
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Implied In Law
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Offered
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Detailed explanation-1: -There are two types of contracts: express and implied. An express contract is an agreement in which the terms are expressly stated in writing or orally. An implied contract is an agreement that is inferred from the actions of the parties or their conduct.
Detailed explanation-2: -An express contract and a contract-implied-in-fact both require mutual assent and a meeting of the minds. However, an express contract is proved by an actual agreement (either written or oral), and a contract-implied-in-fact is proved by circumstances and the conduct of the parties.
Detailed explanation-3: -An express contract is an agreement with clearly stated terms to which both parties are bound at the time it is formed. This contract may be either oral or written. It must demonstrate an offer and unconditional acceptance, and be expressed in an easy-to-understand manner.
Detailed explanation-4: -An express contract is one in which the terms and conditions are spelled out in the contract, either verbally or in writing.
Detailed explanation-5: -This is an Express Contract as the terms have been stated clearly in oral as well as written form.