A contractual term is "any provision forming part of a contract". Each term gives rise to a contractual obligation, the breach of which may give rise to litigation. An express term is a term stated by the parties during negotiation or written in a contractual document, but not all terms are stated expressly, and some terms carry less legal gravity as they are peripheral to the objectives of the contract.
The terms of a contract are the essence of a contract, and state what the contract will do. For instance, the price of a good, the time of its promised delivery and the description of the good will all be terms of the contract.
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