Define and Give an Example of an Express Contract and an Implied

question 92

Essay

Define and give an example of an express contract and an implied contract.

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Definitions:

Engagement Letter

A formal document outlining the scope of services to be provided by a professional firm, often used in accounting and legal services.

Contract

A contract is a legally binding agreement between two or more parties that outlines obligations, rights, and duties that each party agrees to perform or honor.

Near Privity Rule

A legal concept that extends liability for breach of warranty to individuals who may not be in direct contractual relationship but are close enough to the transaction to be considered in "near privity."

Accounting Liability

Financial obligations or debts that a business entity is legally responsible for and are recorded on its balance sheet.