Terms of a Standard from Contract (P4)

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  • Topic: Contract, Contractual term, Liquidated damages
  • Pages : 3 (909 words )
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  • Published : December 21, 2012
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Terms in a standard form contract
Implied terms
These are terms that are implied by acts of legislation. The acts to consider are: •Sales of goods act (1979)
Sales of goods and services act (1989)
Express terms
These terms are written down and agreed upon at the time of the contracts. They will fall into one of three categories: •Conditions (major terms)
Warranties (minor terms)
Innominate terms (not defined until broken)
Impact of terms
These specific terms are terms that can be found in a contract: •Time for performance/rejection of goods – this is an allotted amount of time that allows the buyer to return items after received, this is typically 14 – 31 days. In my contract this is underlined as number 1 in the quick summary page. This is a fair term as it does not limit the liability or disadvantage the consumer. The consumer protection regulations (2000) would affect this as it states the amount of days allowed for rejection of goods. It is usually 7 days, however o2 have allowed 14 days. •Price variation clauses – this is allows a business or a company to sell goods or services at different prices. An example of this would be petrol, as the price changes daily. In my contract this is underlined as number 4 in the quick summary page. Within this contract this is a fair term as the company have set a standard rate for 12 months that will not be changed. This is fair as it does not disadvantage the customer. In the contract it says that o2 will not change the price within 12 months of the contract beginning. •Payment terms – this is a clause that shows how the customer will pay the company that it has brought goods or a service from. This would typically be via a monthly charge via the credit card. In my contract this is this is underlined as number 2 in the quick summary page. This is a fair term as it does not disadvantage the customer. The consumer protection regulations (2000) would affect this as it states what information is...
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