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An express contract is an exchange of promises where terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made.. Required Components. Whether oral or written, the contract must manifest a mutual intent to be bound expressed in a manner capable of being understood, and include a definite offer, unconditional.. Contractual terms may be either express or implied: •. express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral express terms) •. implied terms—are not stated in the contract but arise ‘by.
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An express contract allows parties to explicitly state the terms of the contract and express their intention and willingness that the contract will be binding on them. Because of this, express written contracts are the easiest to manage and enforce. If any party breaches an express contract, the other party can file a lawsuit and seek remedies.. The essential guide. An expressed contract is a legally binding agreement that is created through clear and definite terms, explicitly stated either in writing or verbally. Unlike implied contracts, which are based on actions or conduct, expressed contracts rely on the parties explicitly stating their intentions and responsibilities.
