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A term in a contract that is not stated in the agreement, but will be assumed to exist by the courts. Terms may be implied:

• by statute (see: Implied term by statute), or
• by obligation (see: Implied term by obligation), or
• by custom (see: Implied term by custom), or
• by fact (see: Implied term by fact).

An additional category, of terms implied because it would be inequitable not to do so, was asserted byLord denningin a number of cases. However, this approach was dissaproved by the House of lords and probably has no current legal effect.