Terms can be referred to as a period of time, such as six months or one year. It is commonly seen in leases or contracts and represents slot during which the contract will remain active. It also represents a time during which a court or a legislature sits in a session.
In cases of contracts and leases, terms are usually a specific amount of time. It can also be known as a clause or a provision. For example, a clause in a contract that doesn’t allow the tenant to keep a pet or use a particular portion of the property.