Implied Term  
  A term which is imported into a Contract in addition to those expressly agreed by the parties. Although the parties may not have expressly agreed to the term, an implied term is regarded by the court as being so important that it is necessary to give effect to the presumed intentions between the parties. Three broad categories of implied terms include those implied by operation of a statute, those implied in all of the circumstances (including the express terms of the Contract) and terms held to be implied to give business efficacy to the Contract.