"I have read and I accept the terms and conditions..."
How many times are we ticking that box without even thinking about it? What consequences could it possibly have? What are we even agreeing for?
By ticking that so well-known box we create a contract with a company which is legally binding for both- us and the company- to fulfill certain requirements
To fully understand the topic of terms and the distinctions between them it is crucial to understand what is the contract itself. The most popular definition of it comes from "The Law of Contract" by Edwin Peel, G. H Treitel and it states, that it is
"an agreement giving rise to obligations which are enforced or RECOGNISED by law."
Those "obligations" mentioned by Treitel are indeed the terms of a contract. Within those we can make a distinction to three main categories: Conditions, warranties and innominate terms.
Let' s have a closer look on all three of them.