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Terms



Terms are the conditions of a contract. They determine how the contract is carried out, and usually include penalties for failures.

Normally a contract cannot be varied except by agreement between the parties. But a contract may be unreasonable or imposed by force (force majeure), or variable. It is possible for the terms of a forced contract to be set aside or varied; this would be done by a court.

Variable terms are usual in credit card contracts, and with many other financial instruments. Where there is a revolving loan there may be a case for permitting interest rates to be kept in tune with prevailing rates, but the contracts can be so open ended as to be – in my opinion – unreasonable.

Some of the changes made by credit card companies to individual customer terms during the credit crunch seem to me quite reckless and an unreasonable exercise of the power to vary conditions.



Joseph Harris - Debt Control Man, Author of Control Your Debt Crisis on Your Own Terms

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