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The HOEA (2008) requires third party student loan lenders to disclose information concerning alternative federal loans, fixed and variable rates, limit adjustments, co-borrower requirements, maximum loans, rate, principle amount, interest accrual, total estimated repayment requirement, maximum monthly payment and deferral options.
It is a general principle of contract law that an offer cannot be assigned by the recipient of the offer to another party. However, an option contract can be sold (unless it provides otherwise), allowing the buyer of the option to step into the shoes of the original offeree and accept the offer to which the option pertains. [8]
An acceptance is an agreement, by express act or implied from conduct, to the terms of an offer, including the prescribed manner of acceptance, so that an enforceable contract is formed. [ 2 ] In what is known as a battle of the forms , when the process of offer and acceptance is not followed, it is still possible to have an enforceable ...
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A bilateral offer can be revoked by the offeror at any time before acceptance. Under the firm offer rule, the fact that the offeror has promised the offeree to keep the offer open for acceptance for a certain period of time does not render such an offer irrevocable.
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An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee.
President Joe Biden's plan to relieve up to $20,000 in student loan debt for tens of millions of Americans rests on shaky ground as the Supreme Court continues to deliberate on legitimacy issues.