What is the difference between Express and Implied?

In contracts, terms can be either express or implied

Express terms are those that have been specifically agreed by the parties to the contract; they may be oral or written

Implied terms are those which have not been specifically agreed, but without them the contract doesn’t make sense.  They will be included in the contract because they are be implied either by statute or by the courts

What terminates a offer?

An offer to create a real estate contract can be terminated by:

  • Acceptance by the offeree
  • Withdrawal – the offer can be withdrawn by the offeror before the offeree communicates it’s acceptance
  • Rejection by the offeree
  • Lapse of time – when the offer stipulates a time period for acceptance, it is terminated at the lapse of that time period
  • Death or insanity of either the offeror or offeree
  • Destruction – when real property improvements are destroyed the offer is terminated