On May 1,Local Cartage Company and Modern Computers,Inc

question 32

Essay

On May 1,Local Cartage Company and Modern Computers,Inc.,orally agree that Local Cartage will pick up from National Chip Corporation and deliver to Modern Computers' manufacturing plant a certain num?ber of computer chips on each Monday in May.Under the agree?ment,Modern Computers will pay for the delivery services on June 1.On May 1,is this contract express,implied in fact,or implied in law? On May 31,after all of the deliveries have been made,is the contract exe?cuted or executory?

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Definitions:

Formal Contract

A legally binding agreement, often in written form, that explicitly outlines the terms and conditions agreed upon by the parties involved.

Informal Contract

A non-official agreement that lacks the formalities of a written contract but is still legally binding.

Binding Contract

A legal agreement between parties that is enforceable by law, where each party is obliged to fulfill their promises or face legal consequences.

Preliminary Agreement

An initial agreement that outlines the basic terms and conditions under which a final deal will be conducted, often used in real estate transactions and business deals.