Implied Contract Terms


DEFINITION of 'Implied Contract Terms'

Items that a court will assume are intended to be included in a contract, even though they are not expressly stated. Businesspeople generally do not want to rely upon a court's interpretation of implied terms, so a good contract will often be very lengthy so that as many material items as possible are written into the contract. However, when it is not possible to cover every possible detail, a lawyer may appeal that such terms were implied in order to give force to the intent of the contract.

BREAKING DOWN 'Implied Contract Terms'

Contract terms can be implied in a number of ways. For example, in many transactions involving the purchase of goods or services, there is an implied warranty of merchantability. That is, it is implied that what you are buying will serve the purpose that would be reasonably expected. This contract term is implied even when there is no written or oral contract. In other cases, contract terms may be implied where the intent of a contract obviously necessitates the inclusion of certain items. Even stating express terms to the contrary may not be sufficient to negate certain terms implied by the law.

  1. Implied Contract

  2. Implied Authority

    An agent with the jurisdiction to perform acts which are reasonably ...
  3. Oral Contract

  4. Breach Of Contract

  5. Assignable Contract

  6. Novation

Related Articles
  1. Insurance

    Understanding Your Insurance Contract

  2. Home & Auto

    Exploring Advanced Insurance Contract Fundamentals

    Understanding your contract can help you protect our family's financial security.
  3. Home & Auto

    Attention Home Buyers! Why You Need A Lawyer

  4. Personal Finance

    How To Pick The Right Lawyer

    Find out what factors to consider before hiring an attorney.
  5. Options & Futures

    The History Of Options Contracts

    Options and futures didn't originate with Wall Street power brokers. In fact, it all started with rice.
  6. Budgeting

    Extended Warranties: Should You Take The Bait?

  7. Bonds & Fixed Income

    What is an Indenture?

  8. Investing Basics

    What are the fiduciary responsibilities of board members?

  9. Investing News

    What Affirmative Action Means for Businesses

    A look at what Affirmative Action means for your business.
  10. Investing

    Protect Your Creations--Register Your Trademark

  1. Are UTMA accounts escheatable?

  2. Can the IRS audit you after a refund?

  3. How does escheatment impact a company?

  4. What happens if property is wrongfully escheated?

  5. How do financial advisors help you avoid escheatment?

  6. Are 401(k) accounts escheatable?


You May Also Like

Hot Definitions
  1. Turkey

  2. Barefoot Pilgrim

  3. Quick Ratio

  4. Black Tuesday

  5. Black Monday

  6. Monetary Policy

Trading Center