Legal Definition of Deemed Contract
- 16.6.2022
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The legal definition of a deemed contract can be a bit confusing, so it`s important to understand what it entails. Essentially, a deemed contract is a legal agreement that is created when two parties conduct business without a formal written contract. This type of contract is often used in the business world, particularly in industries where time is of the essence or in situations where parties may not have the resources to formalize a contract.
Deemed contracts can arise in various ways, such as when a service provider begins work for a customer without a formal agreement, or when both parties have discussed a project and agreed on terms verbally. Once the services have been rendered or the project is completed, a deemed contract is said to have been formed.
It`s important to note that deemed contracts are legally binding, just like written contracts. This means that both parties are required to fulfill their obligations under the agreement and can be held liable if they fail to do so. For instance, if a service provider fails to deliver the expected result after being paid, the customer can take legal action to recover any losses incurred.
Deemed contracts are also subject to the same legal terms and conditions that apply to written contracts, including payment terms, warranties, and other legal provisions. This means that if a dispute arises, the parties can resolve it in court just like they would for a written contract.
In conclusion, deemed contracts can be a valuable tool for businesses that need to operate quickly or don`t have the resources to formalize a written contract. However, it`s important for both parties to understand their obligations and rights under a deemed contract and to be aware that it is a legally binding agreement. If you`re unsure about the legal implications of a deemed contract, it`s always best to consult with a legal professional.
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