BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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-2: -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-3: -An implied contract is not an actual contract. An executed contract is one that has been fully performed. An implied contract must be in writing to be enforceable. If a voidable contract is ratified, the parties must fully perform their respective legal obligations.