Statutory Term
/ˈstætʃuˌtɔːri tɜrm/
Definitions
- (n.) A term defined or prescribed by statute, often carrying legal consequences distinct from common law terms.
The statutory term in the contract specified the duration of the agreement as five years.
Forms
- statutory term
- statutory terms
Related terms
See also
Commentary
Statutory terms differ from contractual terms created by parties and often imply mandatory legal effects; clarity in drafting should distinguish statutory from non-statutory provisions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.