Fundamental terms

Updated: Aug 20, 2021

Under the law of contract, these are terms in a contract which are so fundamental that breach of them would be considered to be complete nonperformance, as opposed to breach of conditions or warranties. The distinction is important, for exemption clauses that apply to conditions or warranties do not apply to fundamental terms.

Reference: The Penguin Business Dictionary, 3rd edt.

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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.