Difference between revisions of "Contracts Overview"

In common law, a borrower did not always have '''prepayment rights''' — the right to pay off a debt obligation earlier than the date stated in the contract. If there were no terms that said the borrower could do so, the borrower was obliged to continue to make the payments of principal and interest called for in the agreement. For a discussion of where consumers now have a statutory right to prepay credit obligations, see the section on [[Prepayment Rights]].

Many consumer and credit contracts can be categorized by the types of terms or rights forming part of those contracts. In addition, there are various categories of terms that may arise in a wide range of consumer credit transactions. These contract categories, as well as the contract terms, arise both in common law and in statute law. Some of the more important categories and terms are listed here. Many are described in more detail under separate topics.