Problem:
On may 1, Local Cartage Co. and Modern Computers, Inc., orally agreed that Local Cartage will pick up from Nat'l Chip Corp. and deliver to Modern Computers' manufacturing plant a certain number of computer chips on each Monday in the month. Under the agreement, Modern Computers will pay for the delivery services on June 1. On May 1, is contract express, implied in fact, or implied in law? On May31, after all of the deliveries have been made, is the contract executed or executory? Explain answer.