CONTRACT LAW L4 - Terms - INTRODUCTION

Question 1

What are the terms of a contract? (1)

Answer 1

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

Question 2

What two things can terms be? (2)

Answer 2

Express or implied.

Question 3

What are express terms? (2)

Answer 3

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.

Question 4

What are implied terms?(2)

Answer 4

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.