Contract act
This query is : Resolved
16 October 2013
What is implied contract
16 October 2013
A legally enforceable agreement that arises from
conduct , from assumed intentions, from some
relationship among the immediate parties , or
from the application of the legal principle of
equity .
For example, a contract is implied when a party
knowingly accepts a benefit from another party in
circumstances where the benefit cannot be
considered a gift . Therefore, the party accepting
the benefit is under a legal obligation to give fair
value for the benefit received. Opposite of express
contract . See also express contract , implied in
fact contract , and implied in law contract .
conduct , from assumed intentions, from some
relationship among the immediate parties , or
from the application of the legal principle of
equity .
For example, a contract is implied when a party
knowingly accepts a benefit from another party in
circumstances where the benefit cannot be
considered a gift . Therefore, the party accepting
the benefit is under a legal obligation to give fair
value for the benefit received. Opposite of express
contract . See also express contract , implied in
fact contract , and implied in law contract .
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