Chapter V. Terms of Contracts

The Contract Law seemingly makes no attempt to distinguish the contents of contract from the terms of contract. Instead, the Contract Law provides that the contents of a contract shall be agreed upon the parties, and shall include in general certain terms. This chapter deals with 4 major issues: the terms generally included in a contract, interpretation of contract, standard terms, and disclaimers. Interpretation of a contract becomes necessary when the parties dispute over certain word, expression, term or clause of the contract, and the dispute occurs where the parties have different understanding as to the actual meaning of the word, expression, term or clause. Standard terms are generally viewed as the special type of written contract, which becomes part of a contract or the contract itself. The disclaimers are recognized in the Contract Law to the extent that they do not fall within the categories where disclaimers are prohibited.Keywords: contract interpretation; contract law; contract terms; disclaimers