Terms are the binding conditions of the contract that both parties must adhere to. Conditions are criteria that must be met in order for the contract to be binding.
An example would be a signed lease contract with one term allowing you to lease an apartment for 12 months and another term that you pay $650 per month. A condition might be that you pass a credit check before the contract becomes binding.
Another example is when purchasing a house, in which the terms include the amount you pay and transfer of ownership to you. A typical condition would be that you qualify for financing.