Contracts are important in university business situations, and there are two main types: express contracts and implied contracts.

Express Contracts

• These contracts have clear, written terms.
• For example, a written agreement for services from a vendor or for funding research.
• Everyone involved knows exactly what is expected.

Implied Contracts

• These contracts are formed through actions or situations.
• For example, when you sign up for a class and pay your tuition, it implies that you will receive an education.
• It’s based on the idea that both sides will benefit.

Express contracts are very straightforward and leave no confusion. On the other hand, implied contracts depend on how people act and the situation, which can sometimes cause misunderstandings.

Both types of contracts are important, and understanding the difference between them helps with university dealings.