An express contract is a legally binding agreement in which the parties explicitly state the terms and conditions of their agreement, either orally or in writing. Unlike implied contracts, which are inferred from the actions or conduct of the parties, an express contract clearly outlines the rights and obligations of each party. These contracts typically include specific details such as the subject matter, price, terms of payment, and any other relevant provisions agreed upon by the parties. Express contracts can be formed in various contexts, including business transactions, employment agreements, leases, and sales contracts.
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This glossary post was last updated: 29th March 2024.
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