implied contract

implied contract

A contract that arises out of the actions of the parties rather than any express words or writings by them.For example,when one names a price for a service and another accepts that service without any comment about the price, there is an implied contract to pay the quoted price. Almost all real estate transactions must have a written contract, by law, to be enforceable. Only the major terms need be in writing, however—the parties, a description of the property, a description of the estate granted (forever, for life, lease for years, etc.), and the consideration. Minor terms may be determined by reference to the actions of the parties,and so can be the subject of an implied contract.