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:
“They were pipes of pagan mirth,
And the world had found new terms of worth.
He laid him down on the sunburned earth
And raveled a flower and looked away.
Play? Play? What should he play?”
—Robert Frost (1874–1963)
“I hope that you live on good terms with yourself and the gods.”
—Henry David Thoreau (1817–1862)
“When you draw near to a town to fight against it, offer it terms of peace.”
—Bible: Hebrew, Deuteronomy 20:10.