Express versus implied contracts suppose that a local, Ask an Expert

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Express versus Implied Contracts. Suppose that a local businessperson, McDougal, is a good friend of Krunch, the owner of a local candy store. Every day on his lunch hour McDougal goes into Krunch's candy store and spends about five minutes looking at the candy. After examining Krunch's candy and talking with Krunch, McDougal usually buys one or two candy bars. One afternoon, McDougal goes into Krunch's candy shop, looks at the candy, and picks up a $1 candy bar. Seeing that Krunch is very busy, he catches Krunch's eye, waves the candy bar at Krunch without saying a word, and walks out.

Is there a contract? If so, classify it within the categories listed in this chapter.
In responding to the question be sure to:

Discuss the elements of an implied contract.
Discuss silence as acceptance.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9978060

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