Express terms in a contract are stated in which of the following? Select TWO that apply

Express terms in a contract are stated in which of the following? Select TWO that apply
A . Orality
B. Idea
C. Trade customs
D. Writing form
E. Statutes

View Answer

Answer: A,D

Explanation:

Express terms are the terms of the agreement which are expressly agreed between the parties. Ideally, they will be written down in a contract between the parties but where the contract is agreed verbally, they will be the terms discussed and agreed between the parties.

Implied terms are terms implied into the contract by the courts. They are not expressly set out in the contract but are taken to be as effective as if they were and as if they had been included from day one of the contract. The express terms and any implied terms together create the legally binding obligations on the parties.

Reference:

– Contracts: Express and Implied Terms

– CIPS study guide page 126-132

LO 3, AC 3.1