Which type of contract involves parties explicitly stating the terms and conditions?

In the context of contracts, an expressed contract is one where the parties involved explicitly outline the terms and conditions governing their agreement, either through written documentation or verbal communication. These clearly stated terms help ensure that both parties have a mutual understanding and can enforce the contract if necessary.

Expressed contracts are important because they minimize ambiguity and provide a clear framework for the responsibilities and expectations of each party. This contrasts with other types of contracts, such as implied contracts, where the agreement is inferred from actions or circumstances rather than clearly stated terms. In such cases, it may be more difficult to prove the details of the agreement if a dispute arises.

Understanding expressed contracts is crucial in real estate transactions, where clarity and precision in agreements can protect the interests of all parties involved.