Alabama Real Estate Practice Exam

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What is true about an implied contract?

It can only be in writing
It is explicitly stated by all parties involved
It involves understood but not expressly stated terms
It cannot involve business transactions

The correct answer is: It involves understood but not expressly stated terms

An implied contract is one where the terms and obligations are not expressed in writing, but rather understood by all parties involved. This can often include verbal agreements or actions that indicate an agreement has been made. Option A is incorrect because an implied contract does not have to be in writing. Option B is incorrect because an implied contract is not explicitly stated, but rather inferred by the actions or words of the parties involved. Option D is incorrect because an implied contract can involve any type of transaction, including business transactions.