Express and Implied Contracts: Understanding the Terms and Compensation

🔑 Express contracts are agreements where the parties explicitly agree upon the terms, either orally or in writing.

📝 Implied contracts can be classified into two types: implied in fact contracts and implied in law contracts.

🔍 Implied in fact contracts do not have explicit verbal or written terms, but the terms are understood and recognized as a contract.

⚖️ Implied contracts are formed based on parties' conduct and circumstances, such as ordering food at a restaurant.

🏛️ Courts create quasi contracts to impose an obligation on a party to compensate another when a benefit is given without a formal contract.

🤝 An example of a quasi contract would be a court requiring Debbie to compensate Dr. Paul for saving her at a restaurant.

Express contracts are explicitly agreed upon in a written or verbal agreement.

Implied in fact contracts are understood to exist based on the parties' conduct and circumstances.

Quasi contracts are not contracts, but a court may impose an obligation to compensate based on received benefits.

📑 Express contracts are formed when the parties explicitly state the terms of the agreement.

💡 Implied contracts are formed based on the conduct and actions of the parties involved.

📝 Express contracts require clear and unambiguous terms, while implied contracts are more flexible and can be inferred from the circumstances.