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:
“Talleyrand said that two things are essential in life: to give good dinners and to keep on fair terms with women. As the years pass and fires cool, it can become unimportant to stay always on fair terms either with women or one’s fellows, but a wide and sensitive appreciation of fine flavours can still abide with us, to warm our hearts.”
—M.F.K. Fisher (b. 1908)
“Suppose you go to war, you cannot fight always; and when, after much loss on both sides, and no gain on either, you cease fighting, the identical old questions, as to terms of intercourse, are again upon you.”
—Abraham Lincoln (1809–1865)
“Ethical and cultural desegregation. It is a contradiction in terms to scream race pride and equality while at the same time spurning Negro teachers and self-association.”
—Zora Neale Hurston (1891–1960)