Quote:
Originally Posted by cuthatcard
parol contract 1. A contract or modification of a contract that is not in writing or is only partially in writing. - Also termed oral contract; parol agreement; (loosley) verbal contract. 2. At common law, a contract not under seal, although it could be in writing. --Also termed informal contract; simple contract. See PAROL EVIDENCE RULE.
This is from Black's. My question is about a Bank issued credit card as it applies to SOL. If the definition of parol (oral) is as stated above, why would there not be a good argument for this vs. written contract? This definition states "not in writing or is partially in writing"? "a contract not under seal, although it could be in writing" -
What about this (oral contract-5yr SOL) vs. a written contract statute (15 yrs).
Any arguments either way? Any comment? Why wouldn't it apply even with "some" documentation from the CA?
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Definitions would be as defined in your state code or caselaw not as Black's defines it and it does vary some from state to state. Black's is simply a legal dictionary, not a legal source. Since you are in KY, KY law is what defines what an oral contract it and what a written contract is for you. Federal law in some instances will apply as in TILA, etc.
Read back over the KY SOL thread....in KY a credit card is NOT considered a written contract UNLESS they have a contract with your signature on it. The SOL is 5 years.