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)
“Consider his life which was valueless
In terms of employment, hotel ledgers, news files.
Consider. One bullet in ten thousand kills a man.
Ask. Was so much expenditure justified
On the death of one so young and so silly
Lying under the olive tree, O world, O death?”
—Stephen Spender (1909–1995)
“Most critical writing is drivel and half of it is dishonest.... It is a short cut to oblivion, anyway. Thinking in terms of ideas destroys the power to think in terms of emotions and sensations.”
—Raymond Chandler (1888–1959)