Contract Law Forbearance In Washington
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Washington mortgage and refinance rates today (APR) ProductInterest RateAPR 30-year fixed-rate 6.870% 6.953% 20-year fixed-rate 6.725% 6.830% 15-year fixed-rate 5.990% 6.117% 10-year fixed-rate 6.124% 6.322%4 more rows
Forbearance is an agreement between a lender and a borrower to temporarily suspend or reduce mortgage payments due to financial hardship. This is not the same as forgiveness – the borrower still owes the missed payments.
Generally, any unpaid principal balance collects interest at 10%, or 7% if the debtor is a government agency. This general rule applies to any judgment against a business or government agency, or when the debtor owes $200,000 or more.
Anyone who uses a credit card knows that interest rates often are much higher than Washington's 12 percent statutory limit.
In Washington, the basic maxim is “An agreement is enforceable if its terms are reasonably certain.” The terms of a contract are “reasonably certain” if they provide the ability for determining a breach/default and for giving an appropriate remedy in case of breach/default.
A contract is an agreement between parties, creating mutual obligations that are enforceable by law. 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.
There are four essential elements of forming a contract: offer, acceptance, consideration, and intention to create legal relations. Beyond this, the terms of the contract must also be unambiguous, and the parties must have the mental capacity to agree.
7 Essential Elements of A Contract Offer. For there to be a contract, there must first be an offer by one party and an acceptance by the other. Acceptance. Acceptance is the agreement to the specific conditions of an offer. Consideration. Intention to create legal relations. Authority and capacity. Certainty.
In Washington, the basic maxim is “An agreement is enforceable if its terms are reasonably certain.” The terms of a contract are “reasonably certain” if they provide the ability for determining a breach/default and for giving an appropriate remedy in case of breach/default.
