Terms Flashcards

Always link corporate governance to ethics, compliance, and procurement Use command words properly: Identify = list Explain = how/why Analyse/Assess = causes, impacts, advantages vs disadvantages (7 cards)

1
Q

Terms in a Contract

A

“expressed terms” and “defined terms” are important contract law concepts.

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2
Q

Expressed terms Can be?

A

They can be:
Written (in a formal contract)
Verbal (agreed in conversation)
Confirmed by email or other communication
Examples in Procurement
Delivery date: “Goods must be delivered by 30 June 2026.”
Price: “£25,000 payable within 30 days.”
Quality standard: “Materials must comply with ISO 9001.”
These are clearly stated — nothing is assumed.

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3
Q

Expressed Terms (Express Terms) Definition
.

A

Definition:
Terms that are explicitly stated and agreed by the parties in a contract.

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4
Q

Defined Terms

A

Definition:
Words or phrases in a contract that are given a specific meaning, usually listed in a definitions section.

They are often capitalized to show they have a special meaning.

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5
Q

Example of defined terms

A

A contract might state:
“Supplier shall deliver the Goods to the Site.”
In the definitions section:
“Goods” = 500 units of Model X machinery
“Site” = ABC Warehouse, Manchester
This avoids ambiguity.

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6
Q

Choose the right term when reviewing a scenario

A

This is just a note to remember.

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7
Q
A
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