Located on the Illinois River, Peru lies 3 miles west of the confluence of two major interstate highways: Interstate 39 and Interstate 80. The city is also the Western terminus of the historic Illinois and Michigan Canal.
express contract. Contract whose terms are clearly spelled out, usually in writing. Opposite of implied contract. Use 'express contract' in a Sentence. You need to make sure that you have a good express contract any time that you are making a quick deal. With the temperamental actor we thought it best to have a concise and express contract.
An option contract should not be confused with a letter of intent. A letter of intent merely identifies the key understandings between two parties. It is non-binding. An option contract is an enforceable contract and is legally binding. In a real estate transaction, an option contract benefits the buyer. The seller is obligated to the contract to sell once the offer to sell is made.