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A contract implied by law is known as:
Contingent contract
Quasi contract
Expressed contract
Implied contract.
- A Contingent contract depends on the occurrence or non-occurrence of a specific event. These contracts are conditional.
- A Quasi contract is an obligation imposed by law to prevent unjust enrichment. It's not based on party consent but is constructed by courts.
- An Expressed contract is formed by explicit written or spoken words. Parties clearly state terms and agreement.
- An Implied contract is created by actions or circumstances, rather than written or spoken terms.
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