CONTRACT DEFINED

Contracts are legally binding promises which can be either written or oral. Contracts can also be express or implied. An express contract is one in which all of the details are put into the contract. An implied contract can be inferred from the circumstances. The statutes of limitations for enforcing a contract are different depending on whether the contract is written or oral, but the remedies are the same.

Updated by ADAMS KESSLER 10/1/2008

 
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