Words used to describe schooldays (5)

I believe the answer is:

terms

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'words' is the definition.
(term is a kind of word)

I don't understand how the rest of the clue works.

(Other definitions for terms that I've seen before include "Spells" , "Conditions (contract)" , "Stipulations, often joined to conditions" , "Stipulated requirements" , "Parts of the academic year" .)

I've seen this clue in The Globe and Mail.

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