Contractual Term

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A Contractual Term is any contract statement that specifies a contractual condition, contractual obligation, or contractual right within a contractual agreement.



References

2024

  • (Wikipedia, 2024) ⇒ https://en.wikipedia.org/wiki/Contractual_term Retrieved:2024-4-21.
    • 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. “Terms" and "conditions", although slightly different in their significance, are often treated together in phrases such as "standard terms and conditions", [1] or "Ts and Cs".

    • NOTES:
      • A Contractual Term is a provision forming part of a contract, each giving rise to a contractual obligation whose breach may result in litigation.
      • Contractual Terms include both expressed and implied terms, with the latter not specifically stated but nonetheless forming a part of the contract based on law, custom, or past dealings.
      • Contractual Terms can be classified as either conditions or warranties; a condition is essential to the contract's core obligations, while a warranty is less crucial, and its breach results in damages rather than contract termination.
      • Contractual Terms may also be classified as innominate terms, which were established to allow the consequences of a breach to depend on the nature of the breach itself.
      • Contractual Terms implied by law include those that ensure safety or performance standards, which are not explicitly mentioned in the contract but are presumed to exist due to established legal or regulatory standards.
      • Contractual Terms must be enforceable, clear, and consistent with the main objectives of the contract; they cannot undermine the express terms of the contract.
      • A Contractual Term might also be contingent on certain conditions ('subject to' terms), such as being subject to finance or other approvals, which can define the execution and validity of the contract.

2023a

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.

2016