/ɪˈsɛnʃəl tɜrm/ – noun
Definition: Điều khoản quan trọng, không thể thiếu.
A more thorough explanation: 1. a material contract term that if broken can lead to the contract being terminated and damages being awarded to the non-breaching party
2. an important provision in a contract that is required for the contract to exist and to be legally binding
Example: 1. Seller hereby agrees and acknowledges that this is an essential term of this Agreement.
2. The essential terms of employment contracts include such things as pay, a basic job description, holidays, and the notice period that must be given in the event of dismissal.