Express Contract Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Express Contract, written in plain English, along with examples of how it is used.
What is Express Contract?
n. Contract that states all elements and the terms. Compared to an implied contract which is assumed by the circumstances.
History and Meaning of Express Contract
An express contract is a legally binding agreement in which all the terms and conditions are explicitly stated in words, either orally or in written form. This type of contract is created when two or more parties mutually agree to the terms and conditions of a contract, and the terms are stated and acknowledged by all parties involved. Unlike the implied contract, which is created through the parties’ conduct, an express contract is a product of the intent of the parties involved, and it takes the form of formal written or spoken words.
Examples of Express Contract
- A contract to purchase a property: If a buyer and seller agree to the terms of a property sale, such as the price, contingencies, and closing date, and they sign a written agreement that states all these terms, it is considered an express contract.
- A lease agreement: When a landlord and tenant agree to the terms of a lease and sign a rental agreement that explicitly states all the terms and conditions of the lease contract, it is an example of an express contract.
- A contractor agreement: If a business hires a contractor for a specific project and the terms, conditions, and compensation are stated in a written contract signed by both parties, it is an express contract.
Legal Terms Similar to Express Contract
- Implied contract: Unlike an express contract, an implied contract is inferred from the actions and circumstances of the parties involved, rather than explicitly stated in words.
- Executed contract: An executed contract is a contract in which both parties have fulfilled all their obligations, and the contract is considered complete.
- Unilateral contract: A unilateral contract is a contract in which one party agrees to do something in exchange for another party’s performance or non-performance of some act or acceptance of something.