implied contract
n. an agreement which is found to exist based on the circumstances when to deny a contract would be unfair and/or result in unjust enrichment to one of the parties. An implied contract is distinguished from an "express contract." See also: ...

implied covenant of good faith and fair dealing
n. a general assumption of the law of contracts, that people will act in good faith and deal fairly without breaking their word, using shifty means to avoid obligations or denying what the other party obviously understood.

implied warranty
n. an assumption at law that products are "merchantable," meaning they work and are useable as normally expected by consumers, unless there is a warning that they are sold "as is" or second-hand without any warranty.

impossibility
n. when an act cannot be performed due to nature, physical impediments or unforeseen events. It can be a legitimate basis to rescind (mutually cancel) a contract. See also: contract.

impotence
n. the male's inability to copulate. Impotence can be grounds for annulment of a marriage if the condition existed at the time of the marriage and grounds for divorce whenever it occurs under the laws of 26 states.

impound
v. 1) to collect funds, in addition to installment payments, from a person who owes a debt secured by property, and place them in a special account to pay property taxes and insurance when due.

improvement
n. any permanent structure on real property, or any work on the property (such as planting trees) which increases its value.