A quick definition of term to conclude:

Term refers to a word or phrase that has a specific meaning in a certain field or a condition that is agreed upon in a contract. It can be an essential term that is necessary for the contract to exist or a nonessential term that is not as important. A material term deals with significant issues such as subject matter, price, payment, quantity, quality, duration, or the work to be done. A term of years is a fixed period of time, such as the period for which an estate is granted. In legal proceedings, term can also refer to the period during which a court conducts judicial business.