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Law
Contracts:
Agreements with legal consequences
The terms of a contract
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Express terms: Terms which are specifically
communicated
Implied terms: Terms which are applicable by
statute, custom or common law
Conditions and warranties

Conditions: most important terms in a
contract


In case of breach, the injured party may cancel
the contract and does not have to perform his
part and may sue for damages.
Warranties: minor terms in a contract

In case of breach, the injured party may not
cancel and has to perform his part. May sue
for consequential damages (direct result of the
breach).
Limitation of liability
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Exemption/exclusion clause
Criteria

Incorporated within the contract
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Notification prior to acceptance
Sufficient degree of notice (highlighted,
underlined)
Clear and unambiguous
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Liability cannot be excluded for death or injury
caused by negligence
Statutory implied terms cannot be excluded