What Is a Contract? Explain the Differences Between Express and Implied

question 14

Essay

What is a contract? Explain the differences between express and implied contracts.

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Definitions:

Annuitant

The individual entitled to receive payments from an annuity contract, usually during retirement.

Annually Compounded

A compound interest calculation where the interest is added to the principal at the end of each year.

Nominal Rate

The stated interest rate of a bond or loan, without accounting for compounding or inflation.

Mortgage Loan

A loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty.