[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?

[neil5623]

Black's Law dictionary is not binding law in any jurisdiction. It is just general reference. It may contain citations, but the definitions in it still vary from jurisdiction to jurisdiction. You really need to search for local precedent. Your county courthouse should have a legal library, a good place to start.

A credit card agreement is not based on an oral agreement. If you use it, receive statements, and do not dispute them, you have a binding contract.

[Enigma]

Originally Posted by neil5623

A credit card agreement is not based on an oral agreement. If you use it, receive statements, and do not dispute them, you have a binding contract.

Not necessarily.

[hannah]

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?

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.