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  payment claims under [[insurance contract]]s — perhaps not simple because of the duty of [[utmost good faith]] implied in them — who knows? —  and under certain loans, being those which:
+“[[Simple contract]]” is not defined, but the context of a [[Limitation Act]] puts it in contrast to:
-*do not have a fixed repayment date, ''[[and]]''
+*'''[[Insurance contracts]]''': payment claims under [[insurance contract]]s — perhaps not simple because of the duty of [[utmost good faith]] implied in them — who knows? —
-*do not make the repayment obligation [[Condition precedent|conditional]] on a demand for repayment”. So, a revolving credit facility, or perhaps a bank deposit.
+*'''[[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]].