1 Originally, any of four periods of the year during which judicial business had to be transacted. For this purpose terms were abolished by the Judicature Acts 1873–75, and the legal year is now divided into sittings and vacations. In the Inns of Court the year is still divided into terms that have the same names as the court sittings but are shorter. A student keeps term as part of the qualification for call to the Bar by dining in his Inn on a specified number of occasions during the term.
2 Any provision forming part of a contract. A term may be either a condition, a warranty, or an innominate term, depending on its importance, and either an express term or an implied term, depending on its form.
3 The duration of a leasehold interest in land. See term of years.