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Difference between revisions of "Making a Contract"
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→Does a contract have to be in writing?
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* When '''real estate''' is involved, all agreements must be in writing. An agreement to buy and sell a home must be in writing, and so must the mortgage that makes the purchase possible. | * When '''real estate''' is involved, all agreements must be in writing. An agreement to buy and sell a home must be in writing, and so must the mortgage that makes the purchase possible. | ||
* Contracts containing a '''guarantee''' must be in writing. A guarantee is an agreement where one party agrees to pay the debt of another person if that person defaults on the debt. | * Contracts containing a '''guarantee''' must be in writing. A guarantee is an agreement where one party agrees to pay the debt of another person if that person defaults on the debt. | ||
* A | * A "'''distance sales contract'''" must be in writing. This kind of contract is one that is entered into not in person (for example, online or over the phone) and there is no opportunity to inspect what you are buying. | ||
* A door-to-door sales contract, known under the law as a | * A door-to-door sales contract, known under the law as a "'''direct sales contract'''", must be in writing. | ||
* A '''payday loan agreement''' must be in writing. Payday loans are small, short term loans - for $1,500 or less, that must be repaid within 62 days, when the borrower receives their paycheque or other income. | * A '''payday loan agreement''' must be in writing. Payday loans are small, short term loans - for $1,500 or less, that must be repaid within 62 days, when the borrower receives their paycheque or other income. | ||
