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:
“If you want to be on good terms with everyone in this world, sell goods on credit and never ask for payment.”
—Chinese proverb.
“As for the terms good and bad, they indicate no positive quality in things regarded in themselves, but are merely modes of thinking, or notions which we form from the comparison of things with one another. Thus one and the same thing can be at the same time good, bad, and indifferent. For instance music is good for him that is melancholy, bad for him who mourns; for him who is deaf, it is neither good nor bad.”
—Baruch (Benedict)
“I had a long day’s work, starting at eight in the morning and ending after nine at night, but in those days [we] ... did not think of our day in terms of hours. We liked our work, we were proud to do it well, and I am afraid that we were very, very happy.”
—Louie Mayer (b. c. 1914)