BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An implied contract arises from the conduct of the parties. The contract creates legally binding obligations between parties. The contract is not based on any written or oral agreement between the parties. An example of an implied contract is implied warranty arising upon purchase of a product.

Detailed explanation-2: -An implied-in-fact contract is formed when parties’ promises are inferred from their intentional conduct and one party knows or at least has reason to know the other party will interpret the conduct as assent or an agreement.

Detailed explanation-3: -There are two major types of implied contracts, known as implied-in-law and implied-in-fact contracts. An implied-in-law contract can also be known as the quasi-contract. It is the type of legally-binding contract that none of the parties had the intention of creating.

Detailed explanation-4: -For example, there is an implied contract between a doctor and patient wherein the doctor will do his or her best to take care of the individual, and at the end of the appointment, the patient will pay any associated fees.

Detailed explanation-5: -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.