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Re: another question written or unwritten contract
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Posted by Why Chat on March 13, 2002 at 08:36:49:
In Reply to: another question written or unwritten contract posted by JD on March 12, 2002 at 23:01:45:
The definition of "open contract" has NOTHING to do with signing a "contract". It has to do with the way the account is structured,i.e. a closed contract, either written or not, is for a fixed amount of $, for a fixed period of time,for a fixed rate. A mortgage,even an adjustable rate mortgage is a "written contract",however an equity line of credit is, like credit cards an "open" contract. The definitions are clearly spelled out in the Truth In Lending Act.
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