What is a written or oral agreement where all terms are explicitly stated called?

What is a written or oral agreement where all terms are explicitly stated called?

• A. Implied contract
• B. Expressed contract
• C. Bilateral contract
• D. Unilateral contract

Answer: (B)

A written or oral agreement where all terms are explicitly stated is referred to as an expressed contract. This type of contract clearly articulates the terms, rights, and obligations of the parties involved, leaving no room for ambiguity. All essential elements, such as the consideration (the value exchanged), the parties involved, the subject matter, and the time of performance, are laid out in detail, which helps to prevent misunderstandings and disputes. Expressed contracts can be created through either written documentation or verbal discussions, provided that all parties agree to the terms. This contrasts with implied contracts, where the terms are not explicitly stated but can be inferred from the actions or circumstances of the parties. Additionally, while bilateral contracts involve two parties making mutual promises, and unilateral contracts involve one party making a promise that the other can accept by performing a specific act, the key defining feature of an expressed contract is the clear articulation of all terms, setting it apart from the other types.

A written or oral agreement where all terms are explicitly stated is referred to as an expressed contract. This type of contract clearly articulates the terms, rights, and obligations of the parties involved, leaving no room for ambiguity. All essential elements, such as the consideration (the value exchanged), the parties involved, the subject matter, and the time of performance, are laid out in detail, which helps to prevent misunderstandings and disputes.

Expressed contracts can be created through either written documentation or verbal discussions, provided that all parties agree to the terms. This contrasts with implied contracts, where the terms are not explicitly stated but can be inferred from the actions or circumstances of the parties. Additionally, while bilateral contracts involve two parties making mutual promises, and unilateral contracts involve one party making a promise that the other can accept by performing a specific act, the key defining feature of an expressed contract is the clear articulation of all terms, setting it apart from the other types.