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 only freedom I care about is the freedom to do right; the freedom to do wrong I am ready to part with on the cheapest terms to anyone who will take it of me.”
—Thomas Henry Huxley (1825–95)
“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)
“Picture the prince, such as most of them are today: a man ignorant of the law, well-nigh an enemy to his people’s advantage, while intent on his personal convenience, a dedicated voluptuary, a hater of learning, freedom and truth, without a thought for the interests of his country, and measuring everything in terms of his own profit and desires.”
—Desiderius Erasmus (c. 1466–1536)