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.