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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

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