As a professional, I`m here to provide some insights on “which of the following is not a requirement for an implied contract quizlet”. Before we delve into the answer, let`s take a moment to understand what an implied contract is.
An implied contract is an agreement between two parties that is not specifically stated in writing but is inferred from their actions, conduct or course of dealings. In other words, it`s an unwritten contract that both parties have agreed upon without formally expressing it.
Now, let`s answer the question – “which of the following is not a requirement for an implied contract quizlet?” The answer to this question is:
– A written document declaring the terms and conditions of the contract.
That`s right! An implied contract is an unwritten agreement, which means that there is no requirement for a written document declaring the terms and conditions of the contract. However, there are other requirements that must be met for an implied contract to be legally binding, such as:
1. Mutual agreement: Both parties must have a mutual understanding of the terms and conditions of the agreement. They must have a meeting of the minds on what they are agreeing upon.
2. Intent: Both parties must have the intention to enter into a contract. This means that they must show through their actions and conduct that they intend to be bound by the terms of the agreement.
3. Consideration: Consideration refers to the exchange of something of value between both parties. This means that both parties must receive something of value in return for their agreement.
4. Legality: The contract must be legal and not in violation of any laws or regulations.
In conclusion, a written document is not a requirement for an implied contract to be legally binding. However, it`s important to ensure that all the other requirements are met to avoid any legal issues. As a professional, I hope this article provides you with some valuable insights into the topic.