What Is an Implied-In-Fact Contract

question 38

Multiple Choice

What is an implied-in-fact contract?

• A) A contract created when an offeree receives and accepts in silence the benefits of an offered service with reasonable opportunity for rejection and with an understanding that some form of compensation will be required.
• B) A contract created when an offeror provides a benefit to an offeree in a unilateral contract.
• C) A contract created when one party makes an offer that can be accepted only by performance.
• D) A contract that is created when a party's intent to enter into a contract is unclear but the other party relies on a belief that promises have been made.
• E) A contract that is created by a mutual exchange of promises.

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Definitions:

Micro-Chip Factory

A facility dedicated to the production and manufacture of small semiconductor devices or integrated circuits.

Daily Continuous Improvements

The ongoing effort to improve products, services, or processes on a daily basis, typically part of a commitment to quality and efficiency.

Bargaining Zone

The range within which two parties can find an agreement in negotiations.

BATNAs

Best Alternative To a Negotiated Agreement, referring to the best option available to a negotiating party if the current negotiations fail.