Express terms and implied terms - wk 4

What do terms state

what each side is to do/not to do

What is freedom of contract

parties are free to make whatever terms they like and are bound assuming they agree to them

What is sanctity of contract

legally binding contracts bound parties once agreed upon

Do commercial contracts have to be in writing

no, but it is sensible to have as proof

What is a boilerplate clause

standardised, contract clauses that can be copied between contracts

What are express terms

terms explicitly agreed by the parties

Where can express terms be found

the written contract

negotiations between parties

an external source

Do statements made during negotiations have contractual, binding effect

generally, no

What does incorporation by signature mean

express terms become legally binding when a party signs a written contract

What does incorporation by notice mean

when terms are added to an unsigned contract by giving notice

What does incorporation by a consistent course of dealing mean

terms may be incorporated when parties have repeatedly contracted on the same basis over time

What is an implied term

a term that is part of a contract even though it hasn’t been expressly agreed by the parties

What are terms implied from facts and circumstances

unwritten obligation that reflects the true intention of the parties