A contractual term is "any provision forming part of a contract". Each term gives rise to a contractual obligation, breach of which can give rise to litigation. Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract.

What is meant by contractual terms?

Contractual terms are defined as conditions, warranties or innominate terms. This may be specified in the contract, implied by the nature of it, or implied by law.

What are key contractual terms?

Key contract terms are the major provisions of a contract, which spell out contractual obligations, violating them can result in a breach of contract and lead to a legal action. It's common knowledge that a legally binding contract puts several relevant factors into consideration.