The Law Office of Robert B. Jacobs

Contracts Articles

It’s probably safe to say that most home buyers use a loan from a bank or other lender to help pay for their house.  While some home buyers have enough money to pay cash for their home, most home buyers end up paying for their home over a period of years.  The most common way to buy a home over...

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Next time you take out a loan or refinance your house, do something unusual: Read all the loan papers.

You’ll drive the loan officer crazy.  The officer will meet you in a large and spacious conference room with a stack of papers at least a foot high.  She’ll set the first group of...

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I remember when we bought our first house in 1989.  We were presented with a document that was titled “Deposit Receipt.”  I accepted this document at face value, and assumed it was a receipt for the deposit we were making on our house purchase.  But as I read through this document, it started...

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My father-in-law Sandy was a quiet, gentle man.  He’s passed away now, but his memory lives on in those of us who knew him well.  He left a lasting imprint on a large number of us, and he taught us many, many things. One of the minor things he taught me about was the rule of 78s.

Sandy...

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I recently spoke to an accountant about tax problems.  He pointed out that there are certain statutes of limitations as to tax disputes with the IRS, and that due to these statutes of limitations many accountants advise people to keep their financial records for at least seven years.

...

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Sometimes people get in a legal dispute who say they used a “standard contract” from a book they bought.  Because they used a form contract from a published book, they expect the contract to be authoritative and adequate.  If the contract turns out to be inadequate, these people are sometimes...

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The concept of being a “surety” goes back nearly as far as recorded history.

Perhaps the first recorded instance of “surety” occurs in connection with the experience of Joseph as recorded in the Book of Genesis in the Bible. 

As recorded in...

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So when is a deal not a deal?  The answer is, it depends.

Sometimes it seems like half of the law is tying down loose ends.  And sometimes it seems like the other half consists of getting written commitments so people don’t change their minds.

Here’s a good example.

A Seller...

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Words are slippery.

My father never went to law school.  He worked as an English professor for 39 years.  To the best of my knowledge, he never went to trial, and I suspect he never set foot in a courtroom.  But he gave me one of the best legal gems I’ve ever run across, which is this: “...

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You just never know.           

Sometimes a loan is not repaid.  The large majority of foreclosures undoubtedly happen because a loan was not repaid.  But what happens when a loan is in fact repaid, but the lender claims it wasn’t?

The...

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