- implied terms
The seller of goods and services must give certain implied terms. For goods these are satisfactory quality, fitness for purpose, conformity with sample or description and the right to sell the goods. Such implied terms can be excluded or restricted except where the law prohibits it. It is not normally possible to reduce the statutory legal protection of consumers.
Easyform Glossary of Law Terms. — UK law terms.
- implied terms
Where a contract fails to address certain issues, the courts may imply terms into the contract, for example in relation to the goods being of satisfactory quality.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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implied terms — подразумеваемые условия договора. В странах общего права нормы, которые регулируют те или иные аспекты отношений сторон по договору, если стороны не договорились об ином. См. gap filling law … Glossary of international commercial arbitration
Implied Contract Terms — Items that a court will assume are intended to be included in a contract, even though they are not expressly stated. Businesspeople generally do not want to rely upon a court s interpretation of implied terms, so a good contract will often be… … Investment dictionary
implied term — ➔ term1 * * * implied term UK US noun [C] LAW ► a particular right or duty that is understood to be part of a legal agreement, although it is not clearly stated: »The relevant provisions in the Supply of Goods and Services Act regarding hire… … Financial and business terms
Implied Contract — A legal substitute for a contract. An implied contract is an agreement created by actions of the parties involved, but it is not written or spoken. This is a contract assumed to have been drawn. In this case, there is no written record nor any… … Investment dictionary
Implied Repo Rate — The rate of return that can be earned by simultaneously selling a bond futures or forward contract and then buying an actual bond of equal amount in the cash market using borrowed money. The bond is held until it is delivered into the futures or… … Investment dictionary
Implied Rate — An interest rate that is determined by the difference between the spot rate and the forward/futures rate. The degree of relative costliness of a future rate can be assessed by comparing the implied rate with the spot rate. Calculated as: For… … Investment dictionary
Implied Volatility - IV — The estimated volatility of a security s price. In general, implied volatility increases when the market is bearish and decreases when the market is bullish. This is due to the common belief that bearish markets are more risky than bullish… … Investment dictionary
Implied Authority — An agent with the jurisdiction to perform acts which are reasonably necessary to accomplish the purpose of an organization. Under contract law, implied authority figures have the ability to make a legally binding contract on behalf of another… … Investment dictionary
Implied Call — A right given to mortgage borrowers that allows them to call or pay back a loan at any time. The call is implied, as it is included in most mortgages unless specified otherwise. The implied call allows a borrower to refinance a mortgage when… … Investment dictionary
Implied Warranty — Under a sales contract, whether written or oral, there is a guarantee that the item sold is merchantable and fit for the purpose intended. This guarantee arises by operation of law and is in addition to any expressed warranties that are provided… … Investment dictionary