What is a term in a contract?

A term in a contract is a provision or clause that outlines the agreement between two or more parties. Terms are written into the contract in order to avoid any misunderstanding or confusion, and to detail the rights and responsibilities of each party. In Tennessee, some terms are required by law to be included in a contract, such as the warranties of title and merchantability. Terms can be express, meaning that they are explicitly stated in the contract, or implied, meaning that the terms can be implied due to the nature of the contract. Terms can also be conditions, which specify what must happen in order for the contract to be enforceable, or warranties, which outline any guarantees or promises made by either party. In Tennessee, a term in a contract is legally binding, so it is important to carefully read and understand the terms of the contract before signing.

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