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 men do not keep on speaking terms with children, they cease to be men, and become merely machines for eating and for earning money.”
—John Updike (b. 1932)
“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)
“It must be a peace without victory.... Victory would mean peace forced upon the losers, a victor’s terms imposed upon the vanquished. It would be accepted in humiliation, under duress, at an intolerable sacrifice, and would leave a sting, a resentment, a bitter memory upon which the terms of peace would rest, not permanently, but only as upon quicksand.”
—Woodrow Wilson (1856–1924)