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In the law of contracts, a material term in a contract is a term or provision that concerns significant issues, such as subject matter, price, quantity, type of work to be done, and terms of payment or performance. [1]
SJ Burton and MA Eisenberg, Contract Law: Selected Source Materials Annotated (2011) RE Barnett, The Oxford Introductions to U.S. Law: Contracts (2010). MA Chirelstein, Concepts and Case Analysis in the Law of Contracts (6th edn 2010) EA Farnsworth, Contracts (2008) LL Fuller, MA Eisenberg and MP Gergen Basic Contract Law (9th edn 2013)
In contract law the contract price is a material term. The contract price is the price for the goods or services to be received in the contract. The contract price helps to determine whether a contract may exist. If the contract price is not included in the written contract, then upon litigation the court may hold that a contract did not exist.
A variety of tests may be applied to terms of contracts to decide whether a term is a warranty or a condition of the contract. In respect to the EPC Agreements, [ clarification needed ] material breach is defined as "shall mean a breach by either Party of any of its obligations under this Agreement which has or is likely to have a Material ...
Time and materials (T&M) is a standard phrase in a contract for construction, product development, or any other piece of work in which the employer agrees to pay the contractor based upon the time spent by the contractor's employees and the subcontractors' employees to perform the work, and for materials used in the construction, plus the contractor's markup on the materials used, no matter ...
how are the terms of the contract to be interpreted; whether terms are implied into the contract; what controls are placed on unfair terms; The terms of a contract are the essence of a contract, and tell the reader what the contract will do. For instance, the price of a good, the time of its promised delivery and the description of the good ...
A term is a condition (rather than an intermediate or innominate term, or a warranty), in any of the following five situations: (1) statute explicitly classifies the term in this way; (2) there is a binding judicial decision supporting this classification of a particular term as a "condition"; (3) a term is described in the contract as a ...
The parties have completely agreed to the terms, but have made the execution of some terms in the contract conditional on the creation of a formal contract; or It is merely an agreement to agree lacking the requisite intention to create legal relations, and the deal will only be binding unless and until the formalized contract has been drawn up.
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