An implied contract refers to an agreement that is established by the actions, behavior, or circumstances of the parties involved, without a written or spoken exchange. Unlike an explicit contract, its terms are inferred from conduct rather than articulated in words.
The Statute of Frauds is a statutory requirement that mandates certain kinds of contracts to be in writing to be enforceable. Contracts such as answering a creditor for another's debt, contracts made in consideration of marriage, contracts for the sale of real estate, or contracts not to be performed within a year must be written and signed by the party to be bound.
