Describe the differences (and any similarities) involved in the Assignment

Describe the differences (and any similarities) involved in the following contracts - Assignment Example In this case the contract can be said to be implied because no prior arrangements were made to make agreements but it is implied that the owner of the vehicle will pay for the parking service provided. Boilerplate or bank card holders’ agreements are standard form contracts by virtual of bearing the characteristics of standard form contracts. For this reason, boiler plates are standard form contracts because like many other standard form contracts such as insurance contracts the cellular provider has total authority over the contract with the subscribers that they can either take it or leave it and often contain fine detail details that form part of the contract terms (â€Å"Types of contracts† n.d.). Similarly, the bank has total control in its contract with the credit card account holders. They can either choose to agree to the terms and conditions or forfeit owning the cards altogether (â€Å"Types of contracts† n.d.). This is an implied or verbal contract. As demonstrated in the contract, the benefit of having the order taken by the waiter is enjoyed but it cannot be considered as a gift because it will have to be paid for implying a consideration has been given. Therefore, given a contract is formed and there is no written evidence or terms for service, the contract is implied or verbal because the order is orally made (â€Å"Types of contracts† n.d.). A formal contract is a written agreement, which follows the prescribed format and incorporates standardized conditions and provisions in its body, therefore making it legally enforceable. This kind of contract could mainly be a contract under seal where the seal is a symbol of total acceptance of its legal effect and consequences by the parties involved (Gale, 2007). The contract can also be regarded as a period contract since it is valid for a given duration of time as agreed by the involved parties (â€Å"Types of contracts† n.d.). Contracts B and D are contracts which must be in writing and are