Contractual agreements usually contain terms that are different in nature and importance.

Required:
Define the following terms:
i. Express terms
ii. Implied terms
iii. Conditions
iv. Warranties

i. Express Terms
Express terms are specific provisions explicitly stated within a contract. They are clearly outlined and agreed upon by all parties involved, often found in written agreements, and leave no room for ambiguity regarding the obligations and rights of each party.

ii. Implied Terms
Implied terms are provisions not specifically stated in the contract but assumed by law or inferred by the nature of the agreement. These terms ensure fairness and fill gaps in the contract to reflect the intentions of the parties or uphold legal standards, such as implied warranties of quality in sales contracts.

iii. Conditions
Conditions are essential terms of a contract that form the foundation of the agreement. A breach of a condition gives the innocent party the right to terminate the contract and seek damages. Conditions are crucial for the performance of the contract and its overall purpose.

iv. Warranties
Warranties are secondary or minor terms within a contract, less critical than conditions. A breach of a warranty allows the injured party to claim damages but does not entitle them to terminate the entire contract. Warranties support the main purpose of the contract without being central to its execution.

online
Knowsia AI Assistant

Conversations

Knowsia AI Assistant