What characterizes an implied contract?

An implied contract is characterized by terms that can be inferred from the actions, circumstances, or conduct of the parties involved rather than being explicitly stated. This means that even if the agreement is not written down or all details are spelled out, the intentions and obligations of the parties can be understood through their behavior or the situation in which they are engaged. For example, if you go to a restaurant, sit down, and order food, both you and the restaurant understand that you are entering into an agreement where you will pay for the meal you receive. This kind of understanding does not require formal written documentation; it is based on the context and actions of the individuals.

In contrast, having a contract in writing, stating all terms clearly, or requiring notarization pertains to formal contracts which are not the nature of implied contracts. Implied contracts rely on the assumption of agreement based on conduct rather than explicit agreements. Thus, the option highlighting that terms can be assumed through actions and the nature of agreement accurately captures the essence of an implied contract.