implied-in-fact condition
implied-in-fact condition, defined:
a circumstance that either creates or removes a contractual obligation (condition) which is not explicitly stated in an agreement. An implied-in-fact condition may be inferred from the actions of the parties, a reasonable expectation or the nature of the transaction. Therefore, an implied-in-fact condition may be subject to interpretation. Compare implied-in-fact condition to express condition which is explicitly stated in the language of a contract.
implied-in-fact condition, as it might be used:
Availability may be an implied-in-fact condition of a contract.
An example of implied-in-fact condition:
Fiona agrees to rent a vendor space at the town's Founder's Day parade to sell her homemade saltwater taffy. An implied-in-fact condition of the contract is that the parade will actually occur. When the parade is canceled because of foul weather, Fiona expects to receive a refund of the rental fee.
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Clear-Point Law Dictionary
