Contract Formation: Oral, Written, and Implied
Contracts can be formed in various ways, each with its own legal implications.
Express Contracts
- Oral (Verbal): Created through spoken words. While enforceable, proving the exact terms can be challenging without written evidence.
- Written: Formally documented and signed, providing clear evidence of the agreement’s terms.
Implied Contracts
- Implied: Arises from the parties’ conduct or actions, rather than explicit agreement. While less formal, it can be legally binding based on the circumstances.
Key Points:
- Written contracts are generally preferred due to their clarity and evidentiary value.
- Oral contracts can be valid but carry the risk of disputes over terms.
- Implied contracts rely on circumstantial evidence to establish the agreement.
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