14 days of Law of contract: Doctrine of Expressed and Implied Contracts - Day - 13

The Doctrine of Expressed and Implied Contracts is a fundamental principle in contract law that categorizes contracts based on how their terms are communicated.

1. Express Contracts: These contracts are explicitly stated, either orally or in writing. Parties involved clearly outline their intentions and obligations, leaving no room for ambiguity. For instance, signing a lease agreement or purchasing a product with a clearly defined price and terms constitutes an express contract.

2. Implied Contracts: Unlike express contracts, implied contracts are not explicitly stated in words but rather inferred from the conduct, actions, or circumstances of the parties involved. These contracts are based on the principle of fairness and equity, where it's assumed that parties intend to be bound by an agreement even if it's not explicitly stated. For example, when someone hires a contractor to perform a service, an implied contract may exist that the contractor will be paid a reasonable fee for their work.

Understanding the distinction between expressed and implied contracts is crucial in contract law, as it determines how contractual obligations are interpreted and enforced. Both types of contracts are legally binding, provided certain elements of contract formation, such as offer, acceptance, consideration, and mutual intent, are present.