On May 1, Local Cartage Company and Modern Computers, Inc., orally agree that Local Cartage will pick up from National Chip Corporation and deliver to Modern Computers' manufacturing plant a certain number of computer chips on each Monday in May. Under the agreement, Modern Computers will pay for the delivery services on June 1. On May 1, is this contract express, implied in fact, or implied in law? On May 31, after all of the deliveries have been made, is the contract executed or executory?
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An express contract is one in which the terms are fully expressed, either in writing or orally. The contract between Local Cartage and Modern Computers is an oral contract, in which the terms are fully expressed. That means their contract is an express contract. The contract between Local Cartage and Modern Computers is an executory contract on May 31. An executed contract is a contract that has been fully performed on both sides. An executory contract is a contract that has not been fully performed. If, as in this problem, one party (Local Cartage) has fully performed but the other (Modern Computers) has not, the contract, although it is executed on one side and executory on the other, is still classified as executory.
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