Thanks to Ette for suggesting Rumi as our Baby Name of the Day. The most famous Rumi was a poet. Wait, that doesnât begin to do him justice. He was a thirteenth century Persian thinker and writer. His work was more than literature.
When a salesperson asks you to sign on the dotted line, it is important to understand the contents of the agreement you are signing. After all, the agreement you are entering into is a contract! A contract is a written or expressed agreement between two parties to provide a product or service. There are essentially six elements of a contract that make it a legal and binding document.
DEFINITION of 'Implied Contract '. A legal substitute for a contract. An implied contract is an agreement created by actions of the parties involved, but it is not written or spoken. This is a contract assumed to have been drawn.