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another question written or unwritten contract


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Posted by JD on March 12, 2002 at 23:01:45:

Thanks for the link in reply to my earlier post.

I am, however, still highly confused on whether or not the credit card agreement is considered a written contract or not. Everybody signs an agreement to the terms of the credit card issuer - doesn't that make them written contracts? But every site I've been to lists the SOL on open account separatly from written contracts. Anybody know what constitutes an unwritten contract?

In IA according to the code the period for action appears only to differentiate between written and unwritten (I assume this includes oral) contracts - there is no apparent specific SOL for open accounts above and beyond those for written or unwritten contracts. Still confused...

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4. Unwritten contracts--injuries to property--fraud--other actions. Those founded on unwritten contracts, those brought for injuries to property, or for relief on the ground of fraud in cases heretofore solely cognizable in a court of chancery, and all other actions not otherwise provided for in this respect, within five years, except as provided by subsections 8 (wages) and 10 (secured interest in farm equipment).

5. Written contracts--judgments of courts not of record--recovery of real property. Those founded on written contracts, or on judgments of any courts except those provided for in the next subsection, and those brought for the recovery of real property, within ten years.



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