Express vs. Implied Contracts
Express contracts are formed when the parties explicitly state their intentions and agreement in words. On the other hand, implied contracts are formed when the parties indicate their agreement through their actions rather than words.

Express Contract
An express contract is created when the parties involved clearly state their terms and intentions verbally or in writing. This type of contract leaves no room for ambiguity as all the terms and conditions are explicitly laid out. For example, signing a lease agreement for a rental property is considered an express contract because all the terms are clearly stated in the written document.

Implied Contract
An implied contract, also known as a quasi-contract, is formed when the parties do not explicitly state their agreement but indicate their intentions through their actions. This type of contract is based on the concept of fairness and equity, where one party provides goods or services expecting to be compensated by the other party. For example, if you go to a restaurant and order a meal, an implied contract is formed where you agree to pay for the meal in exchange for the food and services provided.

Key Differences
- Express contracts are formed through words, while implied contracts are formed through actions.
- Express contracts have clearly defined terms, while implied contracts rely on the conduct of the parties.
- Express contracts are more common in business transactions, while implied contracts are often based on moral obligations.
In conclusion, both express and implied contracts are legally binding agreements, but they differ in how they are formed and the level of clarity in their terms. It is important for parties to understand the type of contract they are entering into to ensure that their rights and obligations are clearly defined.