A contract term is a set of conditions that must be met in order for a contract to be legally binding. The term 'herein' refers to the document itself, and 'hereby' indicates that the parties involved are agreeing to the terms of the contract. The term 'esualcrotalacse' is an acronym for 'expressly stated use and limitations of contractual agreement, ' which outlines the specific rights and obligations of each party. Lastly, the term 'LEASE' is used to refer to a contract between two parties in which one party agrees to rent or LEASE property from the other.