Sign a document which states that Webtel Services will create a web page for Acme and that Acme will pay for this work. This is an example of a: bilateral, express contract.
What is express contract?
- The terms by which the parties agree to be bound are stated either orally, in writing, or in a combination of both, at the time the exchange of promises is made. The express agreement need not be formal or written. It simply calls for the parties to state their intentions in writing.
- Example: Someone explicitly offers to sell another individual a widget. By declaring that she will accept the offer, the other person accepts it. Express contracts show commitments established between parties with specific terms and restrictions. Implied agreements are created between parties based on their actions.
- The sign a contract stating that Webtel Services will develop a website for Acme, and that Acme will be responsible for paying for the service. This is an illustration of an explicit, bilateral contract.
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