Full question:
I have a notarized contract with a company, 'acquiring corporate credit on behalf of the company'. Legally, does this include lines of credit or just the corporate credit established through credit cards? There is a possible dispute of fulfillment.
- Category: Contracts
- Date:
- State: California
Answer:
The Truth in Lending Act (TILA) aims to ensure clear disclosure of credit terms for consumers. However, TILA does not apply to credit primarily for business, commercial, or agricultural purposes, or to entities other than individuals, such as government agencies. Corporate credit refers to credit assigned to a corporation or business rather than an individual.
Contracts governing corporate credit are subject to contract law principles. The specific terms of your contract will determine what types of credit services are included. When interpreting vague or incomplete contracts, courts generally follow a hierarchy of evidence:
- Terms stated in discussions and writings exchanged by the parties that do not contradict the contract;
- Terms implied by the conduct of the parties;
- Terms implied by industry custom and practice;
- Terms implied by applicable law, such as damages for breach or liability for negligence.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.