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Iliate, subsidiary, successor, or assign of such Supplier Entity without notice and without affecting any of Applicant s obligations hereunder. 2. EFT PAYMENTS. Applicant agrees that certain credit terms offered by Supplier may require payments to be electronically drafted from Applicant s designated bank account(s), and that such draft will result in a deposit into a bank account in the name of a Supplier Entity. Applicant jointly and Page 2 of 5 severally promises to pay all indebtedness.

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The credit application is the primary document which allows the credit professional to Know Your Customer (KYC). It may also serve as a contract.

No. Applications are generally NOT considered "enforcable contracts." Applications do NOT contain all elements required by established contract law to create an enforecable contract.

An application cannot be considered a contract. One of the primary requirements for a valid contract is that there must be an offer and an acceptance of that offer. ... There must also be a "meeting of the minds," that is, both parties to the contract must agree on the terms of their contract.

A credit application serves two purposes: It is a data gathering tool and it is a contract. As a contract, it specifies the rights and obligations of both the customer and creditor. ... If the signer is not authorized to accept the terms and conditions of the credit application, they can't sign the application.

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. ... Contracts are promises that the law will enforce.

A credit agreement is a legally-binding contract documenting the terms of a loan agreement; it is made between a person or party borrowing money and a lender. The credit agreement outlines all of the terms associated with the loan.

No. Applications are generally NOT considered "enforcable contracts." Applications do NOT contain all elements required by established contract law to create an enforecable contract.

Once signed, the credit application is legally binding, including all terms and conditions outlined within the agreement. All invoices are due [per credit grantor terms].

The complaining party must prove four elements to show that a contract existed. These elements are offer, consideration, acceptance, and mutuality.

Commercial credit applications are contracts which will govern the credit account transactions between the credit grantor and its customer, and therefore are subject to the same rules of interpretation and enforceability as other contracts.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232