By far the most important question that contract lawyers face in legal practice is the meaning of the words in the contract. Courts spend considerable time resolving disputes about the correct interpretation of contracts. This sounds mundane. Yet the subject is surprisingly controversial. With its practical importance and blossoming theoretical interest, interpretation is the subject of Debate 1. Second, we examine the implication of terms. Is it an extended version of interpretation or an entirely different process? As for terms implied ‘by law’, their basis is unsurprisingly controversial as they conflict with the basic notion of contractual obligations being assumed by the parties.
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- Contractual Content: Terms and Their Meaning
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