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Terms of the contract – clauses

The terms of a contract may range from being a very minor importance to being of fundamental importance, being absolutely essential to the contract.

The terms of a contract may range from being a very minor importance to being of fundamental importance, being absolutely essential to the contract. Whether a term is a condition or a warranty will depend on the intention of the parties.

A term is a condition if it is so important that a party would not have entered the contract in the absence of such a term. A breach of a condition enables the innocent party to terminate the contract or to continue with the contract and sue for damages or both. A warranty is a term of a contract that is a subsidiary to the principal purpose of the contract.

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Introduction to Business Law

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