Explain the Difference Between an Express Contract and an Implied

question 6

Essay

Explain the difference between an express contract and an implied contract.

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Definitions:

Consumers Pay

The amount of money paid by consumers to purchase goods and services, reflecting their expenditure on consumer products.

Quotas

Limits set by a government on the quantity of a good that can be imported or exported during a specified time period.

Price Ceilings

Government-imposed limits on the prices that can be charged for goods and services to prevent them from becoming too expensive.

Quantity Controls

Government-imposed limits on the quantity of a good that can be produced or sold in the marketplace.