Term, Promissory

A promissory term is a statement that a reasonable bystander, aware of the circumstances of the case, might regard as being so important to the parties that it should become an implied term of the contract. The tests that decide if a statement is a promissory term include: Was the representation included in a written document? When in the negotiation was the representation made? How important was the representation to the whole deal? If the statement was included in the negotiation record of discussion between the parties, then this may be evidence that the parties regarded the statement as so important that it should be considered a term of the contract.

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Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.