On may 1, Local Cartage Co. and Modern Computers, Inc., orally agreed that Local Cartage will pick up from Nat'l Chip Corp. and deliver to Modern Computers' manufacturing plant a certain number of computer chips on each Monday in the month. Under the agreement, Modern Computers will pay for the delivery services on June 1. On May 1, is contract express, implied in fact, or implied in law? On May31, after all of the deliveries have been made, is the contract executed or executory? Explain answer.
This is a contract express and on May 31, the contract is executory. Look below for an thorough explanation.
First, on May 1 this is a contract express. The contract is one in which the agreement of the parties has been expressed in words, either in oral or written form, in this case in oral form. The terms have been agreed upon in conjunction with forming the contract. Both Local Cartage Co. adn Modern Computers, Inc. agreed to the terms of how many chips were going to be delivered and when they were to be delivered and how much would be payed and when payment would be made.
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