[Contract] Implied Terms and Reasons for implication
1. Reasons for implication
- Need to give business efficacy to a contract
- Terms may be implied from the nature of the contract itself or the obligations it creates.
- Terms may be implied by statute.
First category is known as 'terms implied in fact'
The second and third reasons give rise to category of 'terms implied by law'.
The 'terms implied in fact' is the subject of next discussion.