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:
“I hope that you live on good terms with yourself and the gods.”
—Henry David Thoreau (1817–1862)
“Adolescence involves our nutty-desperate-ecstatic-rash psychological efforts to come to terms with new bodies and outrageous urges.”
—Judith Viorst (20th century)
“Theology—An effort to explain the unknowable by putting it into terms of the not worth knowing.”
—H.L. (Henry Lewis)