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Under the [[Limitation Act 1980]] a “'''[[Simple contract]]'''” is one that is neither a “[[specialty]]”<ref>A written document that has been sealed, delivered and given as security for the payment of a specific debt.</ref> nor an [[insurance contract]]<ref>Perhaps not “simple” because of the implied duty of [[utmost good faith]] — who knows?</ref> nor a “[[contract of loan]]” which has no fixed repayment date, where repayment is not [[Condition precedent|conditional]] on a demand, ''[warning:strap yourselves in for this next bit]'' | Under the [[Limitation Act 1980]] a “'''[[Simple contract]]'''” is one that is neither a “[[specialty]]”<ref>A written document like a [[security deed]] that has been sealed, delivered and given as security for the payment of a specific debt.</ref> nor an [[insurance contract]]<ref>Perhaps not “simple” because of the implied duty of [[utmost good faith]] — who knows?</ref> nor a “[[contract of loan]]” which has no fixed repayment date, where repayment is not [[Condition precedent|conditional]] on a demand, ''[warning:strap yourselves in for this next bit]'' | ||
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“except where, in connection with taking the loan, the debtor enters into any [[collateral]] obligation to pay the amount of the debt or any part of it (as, for example, by delivering a [[promissory note]] as [[security]] for the [[debt]]) on terms which would exclude the application of this section to the [[contract of loan]] if they applied directly to repayment of the [[debt]].”}} | “except where, in connection with taking the loan, the debtor enters into any [[collateral]] obligation to pay the amount of the debt or any part of it (as, for example, by delivering a [[promissory note]] as [[security]] for the [[debt]]) on terms which would exclude the application of this section to the [[contract of loan]] if they applied directly to repayment of the [[debt]].”}} | ||