Implied Contract Terms
Definition of 'Implied Contract Terms'Items that a court will assume are intended to be included in a contract, even though they are not expressly stated. Businesspeople generally do not want to rely upon a court's interpretation of implied terms, so a good contract will often be very lengthy so that as many material items as possible are written into the contract. However, when it is not possible to cover every possible detail, a lawyer may appeal that such terms were implied in order to give force to the intent of the contract. |
|
Investopedia explains 'Implied Contract Terms'Contract terms can be implied in a number of ways. For example, in many transactions involving the purchase of goods or services, there is an implied warranty of merchantability. That is, it is implied that what you are buying will serve the purpose that would be reasonably expected. This contract term is implied even when there is no written or oral contract. In other cases, contract terms may be implied where the intent of a contract obviously necessitates the inclusion of certain items. Even stating express terms to the contrary may not be sufficient to negate certain terms implied by the law. |
Related Definitions
Articles Of Interest
-
How To Pick The Right Lawyer
Find out what factors to consider before hiring an attorney. -
Understanding Your Insurance Contract
Learn how to read one of the most important documents you own. -
The History Of Options Contracts
Options and futures didn't originate with Wall Street power brokers. In fact, it all started with rice. -
Attention Home Buyers! Why You Need A Lawyer
Property transactions are complex and subject to specific state/local rules. A professional can simplify the process. -
Extended Warranties: Should You Take The Bait?
Avoid shelling out for these policies and you could save hundreds of dollars. -
Exploring Advanced Insurance Contract Fundamentals
Understanding your contract can help you protect our family's financial security. -
Should You Add A Securities License To Your Qualifications?
Clients love planners who sell securities, but a securities license takes a lot of work. Learn if the stress and study are worth it. -
How To Report A Tax Cheat
If you report a tax evader to the IRS, you could be eligible for a reward. -
GAAP And The IFRS Standards Convergence Efforts In 3 Substantial Areas
Understand the specific steps that have been taken in hopes of converging the GAAP and the IFRS accounting standards, despite the philosophically and culturally based methodological differences ... -
How Much Will Your Taxes Rise Based On Your Salary?
Find out how high your taxes will rise this year.
Free Annual Reports