An Implied Contract Is One in Which the Agreement Is

question 47

True/False

An implied contract is one in which the agreement is shown not by words, written or spoken, but by the acts and conduct of the parties.

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Definitions:

Commission Payment Plans

A method of remuneration where employees or agents are paid based on the sales they generate, usually as a percentage of the sale price.

Monthly Salary

Regular payment from an employer to an employee, typically spread over a month, for performing agreed-upon professional tasks.

Commission

A fee or percentage of a transaction value paid to agents or employees for conducting a piece of business or a service.

Sales

The exchange of goods or services for money, representing the primary source of revenue for most businesses.