Re: Why Chat Confused on one other thing

Posted by Why Chat (209.240.205.61) on December 16, 2003 at 19:25:48:

In Reply to: Why Chat Confused on one other thing posted by Working to pay bills on December 16, 2003 at 19:15:05:

An open account SOL is 4 years in Fl. so is a store account.

A revolving charge account, or a revolving line of credit are OPEN_ENDED accounts- as they have no fixed term or fixed payment amount, that is why they are called OPEN, as in open-ended. A fixed term contract is a closed end contract, also known as a WRITTEN contract, because it fulfils the legal requirements under contract laws of having a fixed term.

By the way, a fixed term closed end installment loan contract for GOODS, as in a store contract to buy an item for a specific price on a specific term, is generally ALSO under the 4 year UCC SOL

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