Contractual Term
A Contractual Term is any provision that specifies a condition, obligation, or right within a contractual agreement.
- Context:
- It can define the essence of a contract (specifying details such as the price, delivery time, and description of the goods or services).
- It can range from being an Express Contractual Term to being an Implied Contractual Term.
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- Example(s):
- One in a rental agreement that specifies the rent amount and due date.
- Payment Deadline,
- Termination Clause,
- Confidentiality Agreement,
- …
- Counter-Example(s):
- See: Contract, Breach of Contract, Negotiation, Obligation, Provision, Contractor.
References
2023a
- (GM-RKB ChatGPT, 2023) ⇒ Summarize the concept Contractual Term in 1- 2 paragraphs, promt.GM-RKB ChatGPT (model: gpt-4-1106-preview) Retrieved: 2023-12-24.
- QUOTE: A contractual term is any provision or condition that is part of a contract, defining the obligations, rights, and duties of the contracting parties. Terms serve as the cornerstone of a contract and are classified into several categories, such as express terms, which are explicitly stated within the contract document, and implied terms, which are not explicitly stated but are inferred by the nature of the contract, legislation, or court decisions to ensure fairness or efficiency.
The enforcement of contractual terms depends on how they are framed, whether they are clear, unambiguous, and agreed upon by all parties. Key terms typically include the scope of work or service being provided, the duration of the agreement, payment details, warranties, and specific conditions such as confidentiality clauses or termination rights. Understanding and negotiating contractual terms is critical, as they dictate the legal responsibilities and remedies if a party fails to meet their contractual obligations.
- QUOTE: A contractual term is any provision or condition that is part of a contract, defining the obligations, rights, and duties of the contracting parties. Terms serve as the cornerstone of a contract and are classified into several categories, such as express terms, which are explicitly stated within the contract document, and implied terms, which are not explicitly stated but are inferred by the nature of the contract, legislation, or court decisions to ensure fairness or efficiency.
2023b
- (Wikipedia, 2023) ⇒ https://en.wikipedia.org/wiki/Contractual_term Retrieved:2023-8-10.
- A contractual term is "any provision forming part of a contract". Each term gives rise to a contractual obligation, the breach of which may give rise to litigation. Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract.
The terms of a contract are the essence of a contract, and tell the reader what the contract will do. For instance, the price of a good, the time of its promised delivery and the description of the good will all be terms of the contract.
- A contractual term is "any provision forming part of a contract". Each term gives rise to a contractual obligation, the breach of which may give rise to litigation. Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract.
2016
- (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/Contractual_term
- A contractual term is "Any provision forming part of a contract". ...