What type of terms are specifically stated within a contract and agreed upon by both parties?

The correct answer is express terms. These are specific clauses or stipulations that are clearly articulated and agreed upon by both parties when forming a contract. Express terms can cover various aspects of the agreement, such as the obligations of the parties, payment details, and timelines for delivery. These terms are intentionally included in the contract and serve as foundational elements that provide clarity and enforceability.

Express terms contrast with implied terms, which are not explicitly stated but are understood to be part of the agreement based on the nature of the transaction, legal provisions, or the intentions of the parties. Conditional terms, on the other hand, refer to provisions dependent on certain conditions being met, while legal terms would pertain more generally to the regulations governing contracts rather than specific contractual agreements between the parties. Understanding express terms is crucial in contract management, as they define the explicit commitments and expectations between the contracting parties.