Contract Law

Terms and Parties

Hierarchy of Terms

The main components of a contract – that is the terms defining the transaction for which the contract was entered into – are called the conditions or express terms. Terms of lesser significance, but which are not trivial, are called intermediate terms. Terms of minor significance are called warranties, or minor terms. (A warranty, here, has nothing to do with the right to return defective goods to a retailer). Just because a contract states which terms are express terms, is not conclusive....

 

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