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The Terms of a Contract - Coggle Diagram
The Terms of a Contract
Precontractual statements
Trade puffs
Representation
Statement made during negotiatons that does NOT become a term
If this is later untrue then the misled party will be limited to misrepresentation remedies
Terms of a contract
if a statement is made during negotiations becomes a term and is later found to be untrue then the misled party has remedies for a breach of contract
Factors to be taken into account when distinguish a term from representation
Importance of the statement to the parties
The interval of time between the statement and contract
oral and written contracts
The knowledge and the skill of the party making the statement
Contractual Terms
The terms must be certain
Express terms
Those actually stated orally or in writing
Implied Terms
Implied through statute
Implied through trade custom
Implied through the courts
Types of contractual terms
Warranty
Minor Term of a contract
Cannot repudiate the contract
Condition
Going to the root of a contract
Fundamental Term
Can repudiate the contract
Innominate Term
Cannot be assigned to either category