What is Implied Contract?
An implied contract is a legally enforceable duty that results from the deeds, behavior, or conditions of one or more parties to an agreement. It has the same legal effect as an explicit contract, which is freely entered into and decided upon by two or more parties, either orally or in writing. Contrarily, the implied contract is presumed to exist and does not require either verbal or written confirmation.
Key Takeaways
- The circumstances, conduct, or acts of the parties concerned give rise to an implied contract.
- The legal power of an implied contract is equal to that of a written or spoken agreement.
- It is presumed that the implied contract, such as an implied warranty exists, and confirmation is not required.
- In certain situations, it is more difficult to enforce an implied contract due to a lack of paperwork.
Table of Content
- Types of Implied Contracts
- Features of Implied Contract
- Examples of Implied Contracts
- Conclusion
- Implied Contract- FAQs
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