CONTRACT LAW L4 - Terms - INTRODUCTION Flashcards

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1
Q

What are the terms of a contract? (1)

A

Its contents which define the rights and obligations arising from the contract.

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2
Q

What two things can terms be? (2)

A

Express or implied.

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3
Q

What are express terms? (2)

A

Statements made by the parties by which they intend to be bound. A contract can have terms in writing, or agreed orally, or a mixture of both.

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4
Q

What are implied terms?(2)

A

They are not formed statements made by the parties - they have not been agreed upon orally or in writing but the law deems that they exist.

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