What type of contract is formed when the terms are declared by the parties involved?

An express contract is characterized by the clear and specific terms that are explicitly declared and agreed upon by the parties involved. In such contracts, the parties communicate their intentions and stipulations overtly, which means that the terms regarding the rights and obligations of each party are articulated either in writing or through oral statements. This clarity helps in avoiding misunderstandings, as both parties are fully aware of what they are agreeing to.

In contrast, other types of agreements, like implied contracts, arise from the conduct of the parties rather than from explicitly stated terms. A verbal agreement, while it may reflect an express contract, does not encompass written agreements, thus limiting its scope. Negotiated agreements typically suggest a collaborative process involving discussions and adjustments before reaching final terms, which is somewhat broader than the definition of an express contract that stresses clear declaration of terms.