term:

Term

term n

often attrib
1 : a specified period of time [the policy ]
2 : the whole period for which an estate is granted
;also
: the estate itself
3 a : the period in which the powers of a court may be validly exercised
b : session
4 : a word, phrase, or provision of import esp. in determining the nature and scope of an agreement usually used in pl. [the s of the contract]

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.