Quiz 9: Nature of Traditional and E-Contracts
Implied-in-fact Contract : It is a doctrine in which the contract between two parties differs from their conduct. It is applied when a party takes property or services from another party when they have opportunity to reject and also uses the services and denies the payment for them. In this case the L (plaintiff) requested S R (defendants) of the manuscripts broke off, but S R brought out their own Scrabble strategy book. They did not use the services of the plaintiff and neither did they get the opportunity to deny it. Hence, Implied-in-fact Contract is not applied here and the S R acted ethically.
It is a bilateral agreement. Mr B will win the case: 1. As in the case given that 7.5% rate of interest is applicable for the next 10 years from the date loan was approved. So, the bank cannot change the ROI before this period. 2. Various ledgers and receipts of instalments will be indicating about the tenure i.e. 10 years and the rate of interest of 7.5%. 3. Mr Be is regularly paying the instalments. It can be understand because bank has approved other loans to him. So he is not the defaulter. If he would have been defaulter then bank would have the option of refinancing. Then instalments would have revised or tenure would have been revised or/and a new rate of interest would have been applicable. 4. If the bank could prove that ROI was floating and it is mentioned in the agreement then there was a possibility of revising the ROI. This is because there is no point made in the case related to this. Mr B will have 10 years to repay the loan with 7.5% ROI per annum, suggests that it is fixed ROI for next 10 years.
. Two unmarried persons start living together with mutual trust and understanding also pool expenses and earnings without considering gains, losses, and also not expecting monetary benefits for the services that they tender to each other. In this case, their conduct is considered as implied-in-fact contract. There are many cases when two or more partners are living together where they do not have trust on each other or they simply live together to pool house rent. They might be having sexual relationship or a party may have expectation of getting some wages or monetary benefits when living together, then such relationships cannot be considered under as implied-in-fact contract. Now, the couples who are in implied-in-fact contract their relationships are equivalent to a relationship which builds by marriage.