Express contract: Terms are explicitly stated in words, either orally or in writing (e.g., a signed listing agreement).

Implied contract: Formed through the conduct or actions of the parties (e.g., ordering food at a restaurant implies a promise to pay).

Both types can be legally binding. The key difference is how the agreement is established.

Reference (Virginia Real Estate):

Code of Virginia Title 11 -- Contracts

Virginia Real Estate Board education requirements -- Contracts