implied contract

  

Definition

A legally enforceable agreement that arises from conduct, from assumed intentions, from some relationship among the immediate parties, or from the application of the legal principle of equity.

For example, a contract is implied when a party knowingly accepts a benefit from another party in circumstances where the benefit cannot be considered a gift. Therefore, the party accepting the benefit is under a legal obligation to give fair value for the benefit received. Opposite of express contract. See also express contract, implied in fact contract, and implied in law contract.

Use implied contract in a sentence

Related Videos




http://www.businessdictionary.com/definition/implied-contract.html

Mentioned in these terms

Have a question about implied contract? Ask for help in the
Community
advertise here

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z