Template:Simplecontract: Difference between revisions
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“[[Simple contract]]” is not defined, but the context of a [[Limitation Act]] puts it in contrast to | “[[Simple contract]]” is not defined, but the context of a [[Limitation Act]] puts it in contrast to: | ||
*'''[[Insurance contracts]]''': payment claims under [[insurance contract]]s — perhaps not simple because of the duty of [[utmost good faith]] implied in them — who knows? — | |||
*'''[[Contract of loan]]s''': any “[[contract of loan]]” which: | |||
:''(a) does not provide for repayment of the [[debt]] [[on or before]] a fixed or determinable date; [[and]] <br> | |||
:''(b) does not effectively (whether or not it purports to do so) make the obligation to repay the debt conditional on a demand for repayment made [[by or on behalf]] of the creditor or on any other matter; | |||
:''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]]. | |||
Now for a short piece of text this is bloody hard to decipher. First. let's cut out the flannel: | |||
:''(a) has no determinable repayment date for the debt; [[and]] <br> | |||
:''(b) does not make the repayment obligation conditional on demand by the creditor or on any other matter; | |||
:''except where the debtor has created a [[collateral]] obligation to pay the debt (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]]. |