When you order off a menu at a restaurant, but do not discuss the price of the item or the time of payment with the server, you are still obligated to pay the expected amount at the expected time. This is an example of implied contract express contract liquidated damages void contract At times, the parties to a contract include a statement in their contract wherein damages are explicitly set in the event one of the parties breaches the agreement. Such a statement is called a(n) liquidated damages exclusion clause integration clause loss payable clause