This book is the leading account of contract law in England and Wales in relation to implied terms. Implied terms are not only frequently of great importance in litigation, but can assist business parties in planning contracts effectively by allowing them to identify issues over which they do not need to negotiate because they would be content with the terms the law would imply. Distinct commercial advantages of this approach can include savings of management time in negotiating and avoiding trade-off costs demanded by counterparties in exchange for agreeing an express term.This Third Edition has been carefully revised and updated to cover recent developments in the law. Key features include:detailed analysis of the leading cases on contractual terms implied at common law, by statute, by custom, trade usage, course of dealing and in fact.a new section on relational contracts following the case of Yam Seng Pte Ltd v. International Trade Corporation Ltd and its subsequent judicial treatment.This new edition will be an invaluable and appealing resource for all legal practitioners, both in practice and in-house, involved in contract drafting and contract negotiations. It also acts as a helpful reference for scholars and students in the field of contract law.