Identify Four Grounds Used by the Courts for Introducing Implied

question 43

Essay

Identify four grounds used by the courts for introducing implied terms into contracts.Give an example of each.

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Definitions:

Cash Balance Plan

Retirement plan in which the employer sets up an individual account for each employee and contributes a percentage of the employee's salary; the account earns interest at a predefined rate.

Predetermined Rate

A fixed charge, wage, or value established in advance for transactions, services, or labor, often based on standard criteria or prior agreements.

U.S. Treasury Bills

Short-term government securities with maturities ranging from a few days to 52 weeks, sold at a discount from their face value.