FUNDAMENTALS OF COMPUTER

Detailed explanation-1: -If the terms of the contract are expressly agreed by the parties, either by spoken words or in writing at the time of formation of the contract, it is called Express Contract.

Detailed explanation-2: -Such contracts are sometimes called parol contracts. Oral contracts may fail under different circumstances as set forth by the various statutes of frauds in each state or under the UCC, which each require that certain oral contracts or certain terms included therein be memorialized in writing to be considered valid.

Detailed explanation-3: -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-4: - Formal Contract: A contract that requires a special form or method of formation (creation) in order to be enforceable.