CONTRACT LAW L4 - Terms - INTRODUCTION Flashcards
1
Q
What are the terms of a contract? (1)
A
Its contents which define the rights and obligations arising from the contract.
2
Q
What two things can terms be? (2)
A
Express or implied.
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.
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.