Terms
A term is any clause or provision in a contract. The two main issues which arise in relation to contractual terms are: what are the terms of the contract (identification) and what are their legal effects (construction).
Apart from the terms expressly agreed, by reason of what the parties have written or said, implied terms may also exist, to impose obligations on either or both of the parties or to qualify the terms of their bargain. Although some statements made before the contract was entered into may be intended to operate as terms, not all such statements operate as terms.
Read more about this topic: Australian Contract Law
Famous quotes containing the word terms:
“Theology—An effort to explain the unknowable by putting it into terms of the not worth knowing.”
—H.L. (Henry Lewis)
“Suppose you go to war, you cannot fight always; and when, after much loss on both sides, and no gain on either, you cease fighting, the identical old questions, as to terms of intercourse, are again upon you.”
—Abraham Lincoln (1809–1865)
“Again we have here two distinctions that are no distinctions, but made to seem so by terms invented by I know not whom to cover ignorance, and blind the understanding of the reader: for it cannot be conceived that there is any liberty greater, than for a man to do what he will.”
—Thomas Hobbes (1579–1688)