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Simple English definitions for legal terms
stated term
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A quick definition of stated term:
A stated term is a specific word or phrase used in a certain field or a condition written in a contract. It can be an essential term that is necessary for the contract to exist or a nonessential term that is not as important. An implied term is not written but is understood to be part of the contract. A material term deals with significant issues like price or quality. A term of years is a fixed period of time, and a term of court is the period during which a court conducts judicial business. There are different types of court terms, such as general terms and special terms. A term annuity is a type of annuity, and a term fee is a sum charged by a solicitor for each term in which legal proceedings take place.A more thorough explanation:
A stated term is a fixed period of time that is defined in a contract or agreement. It can refer to a specific provision or condition that is agreed upon by the parties involved. For example, a delivery term may state that a shipment must be made within 30 days of the order being placed.
Other types of terms include:
- Essential term: A contractual provision that is necessary for the contract to exist.
- Implied term: A provision that is not expressly agreed upon but is read into the contract by a court.
- Material term: A contractual provision that deals with a significant issue such as subject matter, price, payment, quantity, quality, duration, or the work to be done.
- Nonessential term: A contractual provision that is not regarded as a fundamental term.
Stated term can also refer to a period of time during which a court conducts judicial business. This can include regular terms, special terms, and appearance terms.
For example, a general term is a regular term of court during which the court ordinarily sits. A stated term is another term for a general term.