Questions And Questions On 14 Credit Contract Essay

951 WordsJun 27, 20164 Pages
14 Credit contract to be in form of written contract document (1) A credit contract must be in the form of: (a) a written contract document signed by the debtor and the credit provider; or (b) a written contract document signed by the credit provider and constituting an offer to the debtor that is accepted by the debtor in accordance with the terms of the offer. The question is whether the tick box method would involve a “written contract document”; also, whether it is “signed”. To answer this question, we considered s204(1) and s187(1), as follows. s 204(1) provides that: ¥ “writing” includes “any mode of representing or reproducing words in a visible form”; and ¥ “sign” includes the affixing of a seal or the making of a mark. And: s187(1) provides that "without limiting the provisions of this Code it is declared that: (a) any contract, mortgage or guarantee referred to in this Code may be made in accordance with the Electronic Transactions Act 1999; and (b) any requirement or permission by or under this Code, however expressed: (i) to give information in writing; or (ii) to provide a signature ...... may be met in accordance with the Electronic Transactions Act 1999." A credit contract is a contract, so it would be covered by that expression in s187(1). We note that Part 3 of the Electronic Transactions Regulations is expressed to apply to electronic communications under the NCCP Act (see regulation 8), applies in respect of "debtors" (as well as

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