BROWSE

Implied Contract

Definition

A quasi-contract is a fictional contract recognised by a court. The notion of a quasi-contract can be traced to Roman law and is still a concept used in some modern legal systems.

What is an 'Implied Contract '

An implied contract is a legal substitute for a contract. An implied contract is an agreement created by actions of the parties involved, but it is not written or spoken. This is a contract assumed to have been drawn. In this case, there is no written record nor any actual verbal agreement. A form of an implied contract is an implied warranty provided automatically by law. An implied warranty means that when a product is purchased, it is guaranteed to work for its ordinary purpose. For example, a refrigerator is fit to keep food cool.

Explaining 'Implied Contract '

Implied contract is an agreement which is not reduced to writing but is created on the basis of the behavior of the parties involved. Under an implied contract, it is suggested that the parties involved are acting under an agreement. In the medical field, an implied contract exists when a veterinarian examines and treats an animal. It is implied that the veterinarian will do his/her best and that the client will pay the fee charged. Historically the veterinarian has treated animals and the owners have paid.


Further Reading


The perceived strength of an implied contract: Can it withstand financial temptation?
www.sciencedirect.com [PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …

Contract management and performance characteristics: An empirical and managerial implication for IndonesiaContract management and performance characteristics: An empirical and managerial implication for Indonesia
growingscience.com [PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …

The implied market price of weather riskThe implied market price of weather risk
www.tandfonline.com [PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …

Predicting financial volatility: High‐frequency time‐series forecasts vis‐à‐vis implied volatilityPredicting financial volatility: High‐frequency time‐series forecasts vis‐à‐vis implied volatility
onlinelibrary.wiley.com [PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …

Services Outsourcing: Revolution of Contract Forms and Its Implication <span style=[J]' src='/thumbnails/?img=http%3A%2F%2Fen.cnki.com.cn%2FArticle_en%2FCJFDTotal-JJYJ200807002.htm' />Services Outsourcing: Revolution of Contract Forms and Its Implication [J]
en.cnki.com.cn [[J]' href='https:/api.miniature.io/pdf?url=en.cnki.com.cn%2FArticle_en%2FCJFDTotal-JJYJ200807002.htm'>PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …

The Greek implied volatility index: construction and propertiesThe Greek implied volatility index: construction and properties
www.tandfonline.com [PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …

The economics of options-implied inflation probability density functionsThe economics of options-implied inflation probability density functions
www.sciencedirect.com [PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …

The informational content of implied volatilityThe informational content of implied volatility
academic.oup.com [PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …

Implied volatility linkages among major European currenciesImplied volatility linkages among major European currencies
www.sciencedirect.com [PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …

The behavior of interest rates implied by the term structure of eurodollar futuresThe behavior of interest rates implied by the term structure of eurodollar futures
www.jstor.org [PDF]
… Frequently, however, an arrangement is made informally and thus can be viewed as an implied contract. With either formal or informal contracts, the decision maker has a choice to make … outweigh the costs, then it is financially advantageous to break the contract, accept the …



Q&A About Implied Contract


Why do people agree to contracts with each other?

People agree to contracts with each other so that they can protect themselves from liability or loss of property due to negligence on part of another party involved in the transaction .

Who can make a valid contract?

Anyone who has capacity can make a valid contract.

What must be included in a contract for it to be valid?

There must be an offer, acceptance, consideration, and mutual intent to be bound. Each party must also have capacity to enter into the contract.

Can anyone sue under an Implied Contract ?

Yes , anyone can sue under any type of contract .

When would you use an implied contract?

You would use an implied contract when there are no written records or verbal agreements.

What is an implied contract?

An implied contract is a legal substitute for a written contract.

Does an implied contract require a verbal agreement?

No, it does not require a verbal agreement.

What is required for someone to sue under an Implied Contract ?

There must be evidence that both parties agreed upon certain terms .

How do parties involved create an implied contract?

By their actions and behavior they create the implicit agreement which creates the implicit contact. The veterinarian treats animals and owners pay fees because this has been customary in history.

What does the term "implied warranty" mean?

Implied warranty means that when you purchase something, it will work for its ordinary purpose. For example, if you purchased a refrigerator and it did not keep food cool, then the refrigerator would be considered to have failed at its ordinary purpose and thus be in breach of the implied warranty.

What does a contract do?

A contract is a legally binding document between at least two parties that defines and governs the rights and duties of the parties to an agreement.

Are there different types of Implied Contracts ?

Yes , there are different types such as express , quasi-contracts ,and constructive contracts .

Are all contracts legal?

Yes, most oral contracts are legal. However, some types of contracts may require formalities such as being in writing or by deed.