Express and Implied Contracts
Contracts are sometimes referred to as express or implied. Implied contracts are in turn often referred to as contracts implied-in-fact or implied-in-law. The difference between express contracts and implied-in-fact ones results from the conduct of the party in making the promise constituting the assent to the contract. Implied-in-law or quasi-contracts, however, are not really contracts at all, but merely a remedy in restitution. This lesson explores the nature of express contracts, implied-in-fact and implied-in-law contracts.
On completion of the lesson, the student will be able to:
1. Define "implied-in-fact contract," "implied-in-law contract," and "express contract."
2. Distinguish between implied-in-fact contracts and implied-in-law contracts.
3. Distinguish between express contracts and implied-in-fact contracts.
4. Describe the circumstances in which an implied-in-law contract (quasi-contract) arises.