The terms and conditions of a contract are necessary components of a valid contract because they address scenarios that aren’t part of the main substance of the contract, according to Alex Knaub, a transactional attorney at California-based law firm Lewis Brisbois Bisgaard & Smith LLP.
“Terms and conditions address the rights of parties in the event of breach or default,” he said. “[They] can control where disputes on the contract will be heard, which state’s law will apply and even if arbitration is required. Terms and conditions can allocate risk to each party, answering questions like who repairs the building if it burns down, who bears the loss if the shipment is destroyed in transit, etc.”
Without any terms and conditions, it would be difficult to prove guilt because of the ambiguity of the contract’s statements, said Sherry Mandajos, chief marketing officer at Tankarium.
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“A victim of the breached contract can use the statements found in the terms and conditions to hold the other party accountable for not upholding their part of the agreement,” Mandajos said.
Terms and conditions are not a required part of a contract, though. Jordan Peagler, a partner at MKP Law Group, said that, even though terms and conditions aren’t required, they benefit the contracting parties by providing structure to the agreement.
“The clauses and terms that need to be included in the contract depend on the type of agreement the parties intend to reach,” Peagler said. “If the contract is for the sale and purchase of goods, then the amount of goods being transferred and the agreed-upon price are essential terms and conditions.”