Asked by Bradley Bennett on Jun 25, 2024
Verified
What is the term for a condition that is not stated in the contract but is created by the nature of the transaction between parties?
A) Express condition
B) Implied-in-fact condition
C) Corporate condition
D) Bilateral condition
Implied-in-fact Condition
A legal term for a provision that, although not expressly stated, is presumed to be a part of an agreement based on the actions or circumstances of the parties.
Transaction
The act of conducting business or completing an exchange of goods, services, or funds between two or more parties.
Express Condition
An express condition is a specific, clearly stated requirement within a contract that must be fulfilled for the obligations of the contract to be performed.
- Familiarize oneself with the diverse types of contract conditions and their influence on contractual responsibilities.
Verified Answer
CT
Charizma TaylorJun 28, 2024
Final Answer :
B
Explanation :
A condition that is not specified in the contract of the parties but is created by the nature of their transaction is called an implied-in-fact condition.
Learning Objectives
- Familiarize oneself with the diverse types of contract conditions and their influence on contractual responsibilities.