term

  

Definitions (2)

1.Fixed period for which a loan, insurance policy, or bond is issued, a time or fixed deposit is made, or a contract lasts.
2.Clause or provision that constitutes a substantive part of a contract and may create a contractual obligation breach of which could be cause for legal action. Depending upon its importance, a term may either be a condition (essence of a contract) or a warranty (material part of a contract). A term may either be an express term (clearly and directly stated) or an implied term (inserted by the courts or a statute).

Use term in a sentence

  • The end of his trial term was near he would now be called in for an evaluation to see if the company saw him fit enough to continue working for them indefinitely.

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  • According to the term of the quarterback's contract he will be able to decide if he wants to enter free agency next season.

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  • When I lost my job I was very uncertain how I was going to make the payments for the 30 year term it was originally for.

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