Title: Describe the creation of an express contract (both written and oral) and of an implied contract.
Course: Real Estate (12154) > Section: Understanding Contracts

Description should include definition of the following:

- Express contract: an exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing or a combination of both, at the time it is made
- Implied contract: existence of the contract is assumed by the circumstances (actions or conduct of parties)

DPOR correlation: 18VAC135-20-400. 4 (Contracts)

Process/Skill Questions:

- In real estate, what does a contract do?
- What is an express contract? Give an example of an express contract.
- What are the differences between a written and an oral contract?
- What is an implied contract? Give an example of an implied contract.
- When is an oral contract enforceable?