●    The parties to a contract may express terms and/or terms may be implied. The sources and effects of implied terms are essential to the rights of the parties and obligations imposed on them.

●    Terms can be implied through the courts, through customs, and from statute.

●    Terms are identified as conditions, warranties, or innominate—this distinction is relevant when identifying the remedies for breach.

●    Statutes regulate the rights and obligations applicable to consumers and traders.