A stated term is a specific word or phrase utilised in a particular field or written in a contract. It may be an essential term necessary for the contract’s existence or a nonessential term. An implied term is not explicitly written but is understood to be part of the contract. A material term deals with significant issues such as price or quality. A term of years is a fixed period of time, while a term of court is the period during which a court conducts judicial business. Court terms include general terms and special terms. A term annuity is a specific type of annuity, and a term fee is a sum charged by a solicitor for each term in which legal proceedings take place.
A stated term is a specific period of time defined in a contract or agreement, referring to provisions or conditions agreed upon by the parties involved. For example, a delivery term may specify that a shipment must be made within 30 days of the order being placed. Other types of terms include essential, implied, material, and nonessential. Stated term can also refer to a period of time during which a court conducts judicial business, such as regular terms, special terms, and appearance terms. For example, a general term is a regular term of court during which the court ordinarily sits, and a stated term is another term for a general term.
A stated term refers to a specific period of time that is agreed upon and mentioned explicitly in a legal document or contract.
Yes, a stated term can be modified or extended if both parties agree to the changes and it is documented in writing.
If a party breaches the stated term, the non-breaching party may be entitled to remedies such as damages or specific performance, depending on the circumstances and the terms of the contract.
No, a stated term is not always necessary. Some contracts may be open-ended or have indefinite terms, depending on the nature of the agreement.
In some cases, a stated term may be implied if it is necessary to give effect to the intentions of the parties involved, even if it is not explicitly mentioned in the contract.
Yes, a stated term can be terminated early if both parties agree to the termination or if certain conditions specified in the contract are met.
If a stated term is not fulfilled, the non-breaching party may have legal recourse to seek remedies or damages for the breach.
It depends on the terms of the contract. Some contracts may have provisions that allow for automatic extensions of the stated term, while others may require explicit agreement between the parties for any extensions.
Yes, a stated term can be shortened or reduced if both parties agree to the changes and it is documented in writing.
Generally, a stated term is enforceable in court as long as it is clear, unambiguous, and does not violate any laws or public policy. However, the enforceability may vary depending on the specific circumstances and the jurisdiction in which the contract is being enforced.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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