16 October 2013
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 .
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