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there are many different types of contracts in the legal system an express contract is a legal agreement in which the terms are transparent and known to all parties involved an implied contract is a contract that is implied or inferred by the parties conduct for example at a restaurant is implied that after eating dinner the customer will pay the bill most contracts are under seal a formal written contract that is signed witnessed and marked with a seal a simple contract is a contract that is not under seal that is it may be verbal written or implied in an offer and acceptance the party who initiates or makes the offer is known as the offer are the party to whom the offer is made is known as the offeree in a valid contract there must be a serious intent on the part of the offerer the offer must also contain definite terms or details some terms are clearly defined while others are implied when a company or business encourages the purchase of a product or service through advertising thi
