Contracts PowerPoint
Contracts PowerPoint
Contracts PowerPoint
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Terms<br />
• Express – fully stated in words (oral or written)<br />
• Implied – implied from conduct of the parties<br />
• Quasi – protest an innocent party, obligation<br />
created by law<br />
▫ ATM machine example<br />
• Formal – requires special form – under seal<br />
• Informal – does not require special form; most<br />
contracts are informal