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:
“Ay, ay, the best terms will grow obsolete: damns have had their day.”
—Richard Brinsley Sheridan (1751–1816)
“What had really caused the women’s movement was the additional years of human life. At the turn of the century women’s life expectancy was forty-six; now it was nearly eighty. Our groping sense that we couldn’t live all those years in terms of motherhood alone was “the problem that had no name.” Realizing that it was not some freakish personal fault but our common problem as women had enabled us to take the first steps to change our lives.”
—Betty Friedan (20th century)
“The very natural tendency to use terms derived from traditional grammar like verb, noun, adjective, passive voice, in describing languages outside of Indo-European is fraught with grave possibilities of misunderstanding.”
—Benjamin Lee Whorf (1897–1934)