An implied in fact contract of sale is a type of contract that is formed through the conduct of the parties involved rather than through an explicit agreement.
In simple terms, it is a contract that is created based on the actions of the buyer and seller rather than a written or verbal agreement. It is often referred to as a “quasi-contract” or an “implied contract” because it is not formally agreed upon but rather assumed through actions.
One example of an implied in fact contract of sale is when a customer goes to a store and picks up an item to purchase. By picking up the item and taking it to the checkout counter, the customer is implying that they want to buy the item, and the store is implying that they are willing to sell the item at the displayed price.
Another example is when a service provider performs a service for a client without first agreeing on a set price. In this case, the client`s actions of accepting and using the service imply that they are willing to pay for the service and the service provider`s actions of providing the service imply that they are willing to be paid for it.
The key to an implied in fact contract of sale is that both parties must act in a way that implies an agreement has been made. If one party does not act in a way that implies agreement, then there is no contract.
It is important to note that implied in fact contracts of sale can be legally binding and enforceable, just like explicit contracts. However, because they are not formally agreed upon, they can be more difficult to prove in court.
In conclusion, an implied in fact contract of sale is a type of contract that is created through the actions of the parties involved, rather than through a formal written or verbal agreement. It is important for both parties to act in a way that implies an agreement has been made for the contract to be legally binding and enforceable.