In a mining joint venture agreement where the term 'feasibility study' is undefined, the proper construction of the express terms — read in light of the contract's commercial purpose and the interrelationship of earn-in, election, and project finance provisions — may supply an objective standard (the minimum criteria that mining industry financiers would ordinarily require) without the need to imply terms. The BP Refinery criteria for implication of terms in fact apply to wholly written contracts, not the less stringent Byrne test for informal contracts. Implied terms that are vague and require elaboration by expert evidence for their application will fail the BP Refinery requirement of being capable of clear expression.
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