BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Oral contract
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Verbal contract
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Written contract
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Implied contract
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Detailed explanation-1: -Going by the definition we can say that a contract in which the terms of the agreement are not expressed in written or oral form is an implied contract.
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 implied-in-fact contract exists based on the behavior of the respective parties when, for example, one party enters a hair salon, sits down in a chair, and asks for a haircut, which the other party then provides. By asking for the haircut, the first party has implicitly agreed to pay for the haircut.
Detailed explanation-4: -Promises, express and implied.-In so far as the proposal or acceptance of any promise is made in words, the promise is said to be express. In so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.