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Q: Explain what is a term in contract?
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Explain the purpose of a contract with reference to a policy - short term insurance?

What is the purpose of a contract?


How do you explain your 'Reason for leaving' when contract not renewed?

The employment was for a set term (length of time), and the term was completed. For instance, if you had a six-month contract, and you performed the work for six months, you fulfilled your contract. That was the end of it. You didn't quit, and you weren't fired. The contract expired.


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Define between essentialia naturalia and incidentalia?

essentialia are term of a contract that identify the contract as one of the specific contract.naturalia are terms that are implied into a specific contract by law and incidentalia are the other term of the contract that parties have to agree to


What is a fixed term contract?

Generally, a fixed term contract means you are tied into the contract for a fixed term. An example would be like a telephone line, most companies have a fixed term contract of say 12 months. Apart from your 'tester period' at the beginning, you are stuck in the contract for 12 months.


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Does term mean condition in a contract?

In some, yes. In others, no. It depends on how the contract uses the word "term".


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How do you explain the term 'influence'?

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What is the Difference between short and long term contract?

A short term contract is any contract that is started and completed within a fiscal year. A long-term contract is any contract that is started in a fiscal year and is completed in another fiscal year. For instance. If the taxpayer has a December 31 year end and a contract is started on December 24th and completed on January 3rd, this is deemed a long-term contract even though the duration of the contract was only 10 days.