What is a contract called where the terms are clearly specified in words?

A contract where the terms are clearly specified in words is referred to as an express contract. This type of contract involves explicit communication of the agreement's terms, either verbally or in writing, leaving no ambiguity regarding the intentions of the parties involved. In express contracts, all parties understand their rights, obligations, and the specifics of the agreement at the outset, which helps to mitigate misunderstandings or disputes later on.

On the other hand, an oral contract refers to an agreement made through spoken communication, which can lead to misunderstandings due to lack of written confirmation. An implied contract arises from the actions or circumstances of the parties rather than through direct verbal or written statements, thus lacking the clarity an express contract provides. A formal contract typically refers to agreements that require a certain format or adherence to specific legal requirements, often indicated by written documentation and signatures; however, this term does not necessarily distinguish the clarity of conveyed terms as effectively as the term express contract does.