Would a Res. phone bill be considered open account or oral agreement. This collection is been reported as an installment. (Verizon) I'm in Cali. and the sol is OA 2yrs/OA 4yrs. Any help would be appreciated.
I got this info from Credit Inforcer: Oral Contract - You agree to pay money loaned to you by someone, but this contract or agreement is verbal; i.e. no written contract ("handshake agreement"). Remember, a verbal contract is legal, if tougher to prove in court. Written Contract - You agree to pay on a loan under terms written in a document, which you and your debtor have signed. Promissory Note - You have agreed to pay on a loan via a written contract, just like the written contract. The big difference between a promissory note and a regular written contract is that the payments are scheduled and interest on the loan is also spelled out in the promissory note. An example of a promissory note is a mortgage. Open Ended Accounts - These are revolving lines of credit with varying balances. The best example is a credit card account. In this instance, I have to put a phone bill into the verbal contract area unless you can locate the initial paperwork that came with your that service, it might dictate what type of contract you are entering into.
