Limitation Act 1980: Difference between revisions

Limitation Act 1980 (view source)

504 bytes removed , 7 November 2019

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 ===Simple contracts===
-{{simplecontract}}“[[Simple contract]]”s is not defined, but the context of a [[Limitation Act]] puts it in contrast to  payment claims under [[insurance contract]]s — perhaps not simple because of the dutyof utmost good faith implied in them — who knows? —  and under certain loans, being those which:
+{{simplecontract}}
-*do not have a fixed repayment date, ''[[and]]''
-*do not make the repayment obligation [[Condition precedent|conditional]] on a demand for repayment”. So, a revolving credit facility, or perhaps even a bank deposit.
 This was designed to ameliorate the [[common law]] position<ref>{{cite1|Re Brown’s Estate|1893]|2Ch|300}}, that a loan repayable on demand or without a specific repayment date is treated as being repayable immediately, and the [[limitation period]] runs from the day it is advanced. This is an utterly bonkers decision, by the way. It means if you ask for repayment on the day before the limitation period kicks in you must immediately launch court proceedings to recover it.
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 *[[Statue of limitations]]
 {{c2|Contract|UK Legislation}}
+{{ref}}