๐ Express contracts are agreements where the parties explicitly agree upon the terms, either orally or in writing.
๐ Implied contracts can be classified into two types: implied in fact contracts and implied in law contracts.
๐ Implied in fact contracts do not have explicit verbal or written terms, but the terms are understood and recognized as a contract.
โ๏ธ Implied contracts are formed based on parties' conduct and circumstances, such as ordering food at a restaurant.
๐๏ธ Courts create quasi contracts to impose an obligation on a party to compensate another when a benefit is given without a formal contract.
๐ค 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.
๐ Express contracts are formed when the parties explicitly state the terms of the agreement.
๐ก Implied contracts are formed based on the conduct and actions of the parties involved.
๐ Express contracts require clear and unambiguous terms, while implied contracts are more flexible and can be inferred from the circumstances.
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