Which of the following is a characteristic of an implicit contract?
A)It is an understanding between parties in a business relationship
B)It is generally enforceable in court
C)The threat of losing future business makes implicit contracts not viable
D)They are typically used in firms that have little relationship with one another
E)It is an alternative agreement method to the Keiretsu understandings between members

Question

Quizplus · Accepted Answer

An implicit contract is based on unwritten norms and expectations between parties in a business relationship. It is not typically enforceable in court and may not be applicable in situations where there is no existing relationship between the parties. However, it is an important aspect of business relationships as it helps establish trust and mutual understanding between the parties involved.

Which of the Following Is a Characteristic of an Implicit