Contract terms in an implied contract are by definition never explicitly stated. If they were, the contract would become an express contract.

In an implied contract, the contract terms are determined by analyzing the actions of the parties.

A bilateral contract is the most frequently understood instance of contract. All business contracts in which each party makes a promise to the other party in the contract is a bilateral contract. Bilateral means that both sides are involved equally.

Bilateral business contracts bind both sides to perform an action. Bilateral business contracts give rights to both parties, as well as assigning each party with an obligation to action which they are expected to discharge. In bilateral business contracts, both sides have given consideration. 

As a result of these three circumstances the normal requirements of a contract have been fulfilled. A bilateral contract requires an acknowledgment by the offeror of the oferee’s acceptance.

Bilateral business contracts are mutually binding to both the offeror and the offeree. Depending on the type of contract, the parties in business contracts may also be referred to as promisors and promisees. A bilateral business contract becomes binding to both parties at the moment that the promises are exchanged by both parties. 

In order to make the definition of bilateral business contracts more readily apparent, a bilateral contract may be referred to as a contract that only entails an exchange of promises. Contracts that call for performance at the moment that the contract is made, or the exchanging of a promise for a promise are not considered bilateral contracts..

Although many bilateral business contracts involve negotiation, this is merely a common element of bilateral business contracts, not an essential element.

Bilateral business contracts are different from unilateral contracts in that there is a mutual exchange of responsibility.

There are six types of contracts, which can be broken down into three pairs of related terms. The first pair is bilateral/unilateral contracts. The second is formal/informal contracts. The third type is express/implied-in-fact contracts.

Bilateral and unilateral contracts are distinguished by the relationships between the offeror and offeree. In a bilateral contract, both parties must agree to the terms of the contract before it goes into effect. In a unilateral contract, the offeror presents terms to the general public. A unilateral contract only becomes binding once a second party seeks to collect on the contract.

A unilateral contract is formed if Megan puts up a poster offering a reward for her lost wallet, while a bilateral contract would be formed if Megan offered Rosemary $50 to find her wallet.

Although formal and informal contracts were both once common, informal contracts have largely replaced formal contracts. A formal contract is any contract which is required by law to take a specific form. An informal contract is any other type of contract.

An express contract is formed when both parties state what they intend to do while the contract is being formed. An implied-in-fact contract is formed by the actions of the parties. An implied contract does not require any verbal statement by the parties to be put into effect.