busn150 ip3

Apr 8th, 2015
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What is the difference between an express and an implied contract? A unilateral and a bilateral contract? A contract that is void or voidable? What elements must be in place for formation of a contract? What are three examples of valid consideration? At least 3 References

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BUSN150-IP3NameClassDateProfessorBUSN150-IP3 Contracts are voluntary agreements between two parties that results in a legal obligation. If a contract is broken the guilty party is subject to civil litigation. The contract can be expressed or it can be implied. When a contract is expressed the terms of the contract have been clearly outlined and reflect the intention of both parties. This type of contract can be oral or written and is legally binding. The implied contract, however is not written or expressed in words, and can be implied in factor or can be implied in the law. The implied contract, also known as the quasi contract, is not a legal binding contract but if one party receives more benefits or compensation than the other party the court can decide a remedy. The expressed contract are understood agreements while in the implied contract there is no verbal or written agreement but there is an obligation to the other party (Boggs, 2009). For example if two parties agree that a man will paint a fence for a certain amount of dollars then this would be an express contract. Both parties would receive equal consideration. In the implied contract no such agreement has been reached. For example if the same man volunteers to paint the neighbors fence and then the neighbor refuses to pay him no contract has been violated and the neighbor has no obligation to pay the man that painted the fence. If the contract has been expressed there would be

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