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:
“... the constructive power of an image is not measured in terms of its truth, but of the love it inspires.”
—Sarah Patton Boyle, U.S. civil rights activist and author. The Desegregated Heart, part 1, ch. 15 (1962)
“For my part, if a lie may do thee grace,
I’ll gild it with the happiest terms I have.”
—William Shakespeare (1564–1616)
“Consider his life which was valueless
In terms of employment, hotel ledgers, news files.
Consider. One bullet in ten thousand kills a man.
Ask. Was so much expenditure justified
On the death of one so young and so silly
Lying under the olive tree, O world, O death?”
—Stephen Spender (1909–1995)