What is the difference between an express and implied contract?

A contract is an agreement between two or more people that creates an obligation to do, or not do, certain things. In Nebraska, there are two main types of contracts: express and implied. An express contract is created with explicit language that is either spoken or written. It is usually made up of an offer, acceptance, and usually something of value exchanged in return. Express contracts are clear and specific and leave no room for interpretation. These contracts are usually written and are binding and enforceable in a court of law. An implied contract, on the other hand, is created by an action or behavior rather than explicit language. It is based on the notion that all parties involved in an agreement have certain implied assumptions that they agree to. For example, if a customer buys a product or service from a company, there is an implied contract that the customer will pay the amount due. The main difference between an express and implied contract is that express contracts are explicitly stated while implied contracts are not. This means that in an express contract, the details of the agreement are laid out and clear, while in an implied contract the details of the agreement are based on an assumption or behavior.

Related FAQs

What is an indemnity clause?
What is a creditors’ rights clause?
What is the effect of a breach of contract?
What are the elements of a contract?
What is a promissory estoppel?
What is a condition precedent?
What is a warranty of title?
What is the implied covenant of quiet enjoyment?
What is the law of privity?
What is a third-party guarantor?

What is the difference between an express and implied contract?

Related FAQs

Related Blog Posts