BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An express contract is an exchange of promises where terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made.

Detailed explanation-2: -In general, oral contracts are just as valid as written ones, but some jurisdictions either require a contract to be in writing in certain circumstances (for example where real property is being conveyed), or that a contract be evidenced in writing (although the contract itself may be oral).

Detailed explanation-3: -A type of contract that is verbally created or verbally modified without being recorded in writing. Such contracts are sometimes called parol contracts.

Detailed explanation-4: -Oral contracts are generally considered as valid as written contracts, although this depends on the jurisdiction and, often, the type of contract. In some jurisdictions, some types of contracts must be written to be considered legally binding.

Detailed explanation-5: -An express contract is one that is defined by terms and conditions either in writing or verbally. An implied contract is one that is not defined by words or in writing but is a tacit agreement indicated by the actions of both parties.