A contractual term

Question

A contractual term

Quizplus · Accepted Answer

A contractual term is a statement or provision made by either party to the contract, which is intended to form part of the agreement and create a legally binding obligation. While a contractual term can take various forms, it is essentially a promissory statement that explicitly or implicitly imposes an obligation or responsibility on one or both parties. This distinguishes it from a mere representation or assertion of fact, which may not give rise to a contractually binding obligation.

A Contractual Term