Hi all, the answer to last week's quiz is heads of terms. Here is our definition from our book "Drafting Commercial Contracts: Vocabulary Series" available from http://www.legalenglishbooks.co.uk
Heads of Terms (noun): This is a document that sets out the basic terms of a contract. It is commonly used for pre-contractual negotiations and to detail the terms that the parties think are the most important. Heads of Terms commonly include the main duties and obligations, for instance, applicable law, price, description, warranties, indemnities, exclusivity, dispute resolution and confidentiality. Heads of Terms are commonly used as a starting point for a first draft of a commercial contract. Associated Words: Applicable Law (noun), Confidentiality (noun), Description (noun), Duties and Obligations (noun), Exclusivity (noun), Indemnity (noun), To Negotiate (verb), Party (noun), Pre-Contractual (noun), Price (noun), To Set Out (phrasal verb), Warranty (noun).
Have a lovely weekend. More quizzes soon :)
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