Armed Polite Society
Main Forums => The Roundtable => Topic started by: AZRedhawk44 on August 09, 2013, 11:22:32 AM
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http://www.telegraph.co.uk/finance/personalfinance/borrowing/creditcards/10231556/Man-who-created-own-credit-card-sues-bank-for-not-sticking-to-terms.html?fb
I present the above in light of the recent topic in the Politics forum, regarding contract terms for apartment renters who have guns.
If a contract is signed, no matter how punitive and one-sided the terms may appear to a Monday Morning Quarterback 3rd party, is the contract still valid? When is it appropriate to allow a 3rd party to change the terms in defiance of the interest of one of the parties, who would not voluntarily agree to a change in those terms?
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So the bank thinks he committed "fraud" since they didn't read the contract ???
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http://www.telegraph.co.uk/finance/personalfinance/borrowing/creditcards/10231556/Man-who-created-own-credit-card-sues-bank-for-not-sticking-to-terms.html?fb
I present the above in light of the recent topic in the Politics forum, regarding contract terms for apartment renters who have guns.
If a contract is signed, no matter how punitive and one-sided the terms may appear to a Monday Morning Quarterback 3rd party, is the contract still valid? When is it appropriate to allow a 3rd party to change the terms in defiance of the interest of one of the parties, who would not voluntarily agree to a change in those terms?
Not necessarily. If the contract is against public policy, the subject matter of the contract is illegal, is considered an unfair contract of adhesion, the contracting parties have significantly different negotiating power, or the competence of the contracting parties is suspect, and probably some other factors that I cannot remember from Contracts 101, the contract can be set aside or modified upon regulatory or judicial review. Contracts are not necessarily set in stone.
These comments are pertinent to general principles of American contract law. The original article refers to a contractual dispute in Russia, and I have not the faintest idea of what Russian contract law is.
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I absolutely love this. I'm not sure how the bank (Tinkoff) thinks its going to take him for fraud.
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In Russia you take banks to the cleaners?
stay safe.
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an illegal contract is not enforceable i say with chagrin
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Being that the matter in question involves a Russian and a Russian bank, the ultimate disposition probably depends on how close a relationship the bank has with Putin.
Otherwise, it seems as if the bank - having signed the contract - is facing an expensive verdict.