All of us hear and see the phrase Terms and Conditions hundreds of times in our lives but rarely do we pay attention to it. We take it to be a single concept but in reality it is made up of two words terms and conditions which are different and separate. Had they been the same, there would have been no need to include both and one of them would have sufficed. So then, what is the difference between terms and conditions? Confused? This article will differentiate between the two words to remove any doubts in the minds of the readers.
Probably every product that we buy from the market has a guarantee or warranty along with it but it is governed by terms and conditions or it is not applicable at all. Seems it is introduced by the manufacturers as a ploy to safeguard their own interests making a guarantee null and void. if a consumer does not follow terms and conditions in full, a manufacturer or seller can refuse to abide by the guarantee and in that situation even law cannot be of much help as it is clearly mentioned under terms and conditions. But we are here to differentiate between these terms and conditions, not their legality, right?
Let us understand this difference by taking up an example of a property on offer. When you read the terms and conditions paper, you find that most are terms while only very few are conditions that are set forth for the buyer. Terms are basically things that we agree to do or not to do. Buyer agrees to pay the money. Seller agrees to give him the property in return. Buyer agrees to take the property on lease for a period of 12 years. The landlord agrees to allow a tenant occupy his space as long as he pays rent.
Conditions are things that must be satisfied before the transaction becomes binding upon the two parties, the seller and the buyer. For example, some buyers insert a condition subject to financing, so that they can walk out of the contract without any penalty if they do not get required financing from a bank. Another common condition is due diligence that allows the buyer to verify all important details before committing to purchase.
Key Takeaways
- Terms and conditions in the phrase “terms & conditions” are two different and distinct words having different implications.
- In any transaction, terms are mutually agreed conditions that need to be fulfilled for a transaction to be complete.
- Conditions, on the other hand, can be included at the last minute to satisfy the buyer.
