Installment Contract In Law Definition In North Carolina
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In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.
§ 105-241.24. The Department may collect a tax for a period of 10 years from the date it becomes collectible under G.S. 105-241.22. The 10-year period may be tolled for the same reasons the enforcement period for a certificate of tax liability may be tolled under G.S. 105-242(c).
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.
In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.
An installment contract is a single contract that is completed by a series of performances –such as payments, performances of a service, or delivery of goods–rather than being performed all at one time. Installment contracts can provide that installments are to be performed by either one or both parties .
§ 75B-6. Contracts void. Any provision of any contract or other document or other agreement which violates G.S. 75B-2 or which, if complied with by the person intended to be bound by the provision, would cause a violation of G.S. 75B-2 shall be null and void as being against the public policy of the State.
An instalment sale agreement between you and a credit provider allows you to buy a vehicle or asset using the principal debt, which you repay by means of regular instalments over an agreed period, with fees and interest.
- Whenever a party has the right to do some act or take some proceedings within a prescribed period after the service of a notice or other paper upon him and the notice or paper is served upon him by mail, three days shall be added to the prescribed period.
North Carolina Consumer Protection Act (NCCPA): This legislative act prohibits unfair and deceptive trade practices, such as false advertising, fraudulent schemes, and deceptive business practices.
