Research On The Theory Of Implied-in-fact Contract

Implied-in-fact contract is the product of economic development and social change, it isa kind of contract depending on the fact procedure, and that is different from traditionalcontract established in unanimous declaration of Will. Certainly, implied-in-fact contract isone supplement to the traditional contract theory that their only difference is the way ofestablishment. It is a statutory debt that its name is just a form, and there is no need to getto the bottom. Implied-in-fact develops on the whole social interests, transaction costs andequality and efficiency. It has important existence value in Social Law and Law andEconomics. The theory of implied-in-fact contract upgrades individual interests to societalcommunity’s interests, and in order to overcome the individual irrational, with the help ofsocial community’s rational economic man to protect the individual who may bedisadvantaged rights and interests, to maintain social order and promote fairness andjustice. Therefore, it’s necessary to explore the theory’s practice path in China. Its contentsshould include three areas, based on social benefit obligation, group relations and thecontract triggered by new science and technology; elements are almost same withtraditional contract except declaration of will, it is established by the fact that oriented bycertain societal community’s declaration of will, it entry into force when the communitywill transform into the parties’ meaning; the effectiveness is same as traditional contract,except the fact should be based on expressed.