Implied Contract

Tax Glossary Definition

Implied Contract

Implied Contract – An implied contract is a legally enforceable agreement that is not explicitly stated in writing or verbally but is inferred from the actions, conduct, or circumstances of the parties involved. These contracts arise when the behavior of the parties demonstrates mutual intent to enter into an agreement, or when industry practices and prior dealings create a reasonable expectation of obligations.

Example: If a person regularly visits a barber and receives haircuts, it is implied that they will pay for each service even without a written agreement

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