Explain the difference between an express contract and an implied contract
What will be an ideal response?
An express contract is an exchange of oral and written promises between parties which are in fact enforceable in a court of law. An implied (implied-in-fact) contract is established by the conduct of a party rather than by the party's written or spoken words. For example, if you go to the dentist in an emergency and have a tooth extracted, you and the dentist have an implied agreement or contract: She will extract your throbbing tooth in a professional manner, and you will pay her for her services. The existence and content of an implied-in-fact contract are determined by the reasonable person test: Would a reasonable person expect the conduct of these parties to constitute an enforceable contract?
You might also like to view...
Motor Sales sold its old office furniture for $6000. The original cost was $16,000, and at the time of sale, accumulated depreciation was $14,000. What is the effect of this transaction?
A) gain of $6000 B) gain of $4000 C) loss of $4000 D) loss of $6000
The implied warranty of fitness for a particular purpose refers to ________
A) a warranty that allows the purchaser to recover the full purchase price if there is any dissatisfaction with the product B) a warranty that is clearly stated by the seller or manufacturer C) a warranty that arises when the seller tells the consumer that a product is fit for a specific use D) a warranty that a product is reasonably fit for ordinary use
The court ________ assigns exhibit numbers, labels the evidence, and assists the judge as the need arises during the trial
Fill in the blanks with correct word
At the conclusion of the performance review process, Peter felt that the feedback he received was intimidating. He got the sense that those providing feedback on his performance had ganged up on him, and he felt a great deal of resentment towards them. It is most likely, based on this outcome, that Peter had what type of performance evaluation?
A. Mixed-standard B. Forced choice C. 360-degree D. Behavior observation