term of a contract

Friendly

Explanation of "Term of a Contract"

Definition:
The "term of a contract" refers to the specific period of time during which a legal agreement, or contract, is valid and enforceable. During this time, both parties involved must follow the rules and conditions outlined in the contract.

Advanced Usage:

In more complex situations, the "term of a contract" can also include specific conditions that must be met or particular clauses that define the responsibilities of each party involved during that time.

Word Variants:

• Contractual Term: A similar phrase that refers to the specific conditions and duration set forth in a contract.
• Term Length: Refers to how long the term of a contract lasts.

Different Meanings:

1. In a general sense, "term" can also refer to a specific word or expression used in a particular context (like legal terms).
2. In education, "term" can refer to a period of study, such as a semester or academic term.

Synonyms:

• Duration of a contract
• Period of agreement
• Length of the contract

Idioms and Phrasal Verbs:

• "In effect": This means that the contract is currently active and its terms are being followed.
  • Example: "The contract is in effect until the end of the year."

Summary:

The "term of a contract" is a crucial concept in legal and business discussions. It defines the duration during which the contract is active and binding.

Academic

Noun

1. the period of time during which a contract conveying property to a person is in effect

Synonyms

• lease