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Contracts Agreements

In: Business and Management

Submitted By jen1974
Words 663
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With any debate on an implied contract you will need to start with the idea of an express contract. With the thought of an express contract there is going to be any binding agreement between two people or parties. They need to know, understand and intend when cross the threshold of an express contract. This kind of contract will provide both parties who are involved will promise to do a particular agreement. The legal elements of an express contract are
1. An offer by one party and acceptance by another
2. Consideration, in specific something of value contributed by each party; and
3. A mutuality of intent.
By association, there are two kinds of implied contracts, which are;
1. Contracts implied in fact
2. Contracts implied at law.

An implied-in-fact-contract is one that must be inferred from the conduct of the parties. For an example of an implied-in-fact-contract is, Hass Construction wants Jack’s Lumber Yard to send them 24 pallets of 2x4’s for the job they are working on. Jack’s Lumber Yard does this without asking the existing price. That would make Hass Construction in a contract with Jack’s
Lumber Yard and the contract is to pay the existing price for the 24 pallets of 2x4’s (the items implied). Even though Jack’s Lumber Yard and Hass Construction are not go into an express contract they do have a contract that is implied-in-fact. The legal fundamentals of an implied-in- fact contract are the same as an express contract. When looking at an implied-at-law contract, it is a legal fiction used by the courts to prevent a person’s unjust improvement at the cost of another person. The courts will use quasi- contract theories to guarantee a result. For an example of an implied-at-law is an individual who stands silently by while someone discusses on him or her benefit and knowing that the second person inaccurately expects…...

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