implied contract
Definition
Legally enforceable agreement that arises from the conduct, assumed intentions, some relationship among the immediate parties, or due to 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 implied in fact contract and implied in law contract.
News containing the term implied contract
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