Container with shredded old mail that contains two terms (8)

I believe the answer is:

binomial

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'container with shredded old mail that contains two terms' is the definition.
Although both the answer and definition are singular nouns, I can't see how one could define the other.

'container with shredded old mail' is the wordplay.
'container' becomes 'bin' (bin is a kind of container).
'with' means one lot of letters go next to another.
'shredded' indicates an anagram.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'o'+'mail'='omail'
'omail' is an anagram of 'omial'.
'bin'+'omial'='BINOMIAL'

Can you help me to learn more?

(Other definitions for binomial that I've seen before include "(Of an equation) consisting of two terms - in a limbo (anag)" , "with two names" , "Algebraic expression of two terms linked by + or -" .)

I've seen this clue in The Hindu.

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