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In order for an implied contract to exist, there must be more than employment longevity or raises and promotions offered. Com "2 of 3An employment contract is an agreement that covers the working relationship of a company and an employee.An implied employment contract is the combination of verbal statements and written agreements. The term implied employment contract refers to an agreement an employee infers from comments, past practices, and written materials. An implied employment contract is just that, a contract that is an agreement that binds two parties in a means other than in writing.