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ORAL CONTRACTS
- These Contracts are usually formed when you enter into a Oral or Verbal              Agreement to have services performed or where you agree to provide services for others. They are commonly referred to as a hand shake agreement because they are not put in writing.

WRITTEN CONTRACTS- A General written Contract to provide or receive services. This type of agreement specifys the terms in which you agree to abide by.

PROMMISORY NOTE- A commonly used form of Contract that provides additional terms of payment schedule and interest terms.  This is normally used in a Real Estate Transaction, or Bank Loan.

OPEN END ACCOUNT- This type of Contract or agreement involves Credit Cards or other revolving lines of Credit. Compared to other forms of Contracts that provide one time purchases, Open End Accounts always remain open and allow for additional purchases to be made.

STATE

   ORAL
 CONTRACTS
  

  Written
CONTRACTS
 

Promissory
   NOTES 

OPEN-ENDED ACCOUNTS

AL

6

6

6

3

AR

5

5

5

3

AK

6

6

3

3

AZ

3

6

6

3

CA

2

4

4

4

CO

6

6

6

3

CT

3

6

6

6

DE

3

3

3

4

DC

3

3

3

3

FL

4

5

5

4

GA

4

6

6

4

HI

6

6

6

6

IA

5

10

5

5

ID

4

5

5

4

IL

5

10

10

5

IN

6

10

10

6

KS

3

5

5

3

KY

5

15

15

5

LA

10

10

10

3

ME

6

6

6

6

MD

3

3

6

3

MA

6

6

6

6

MI

6

6

6

6

MN

6

6

6

6

MS

3

3

3

3

MO

5

10

10

5

MT

3

8

8

5

NC

3

3

5

4

ND

6

6

6

6

NE

4

5

5

4

NH

3

3

6

3

NJ

6

6

6

6

NM

4

6

6

4

NV

4

6

3

4

NY

6

6

6

6

OH

6

15

15

6

OK

3

5

5

3

OR

6

6

6

6

PA

4

6

4

6

RI

10

10

6

4

SC

3

3

3

3

SD

6

6

6

6

TN

6

4

6

6

TX

4

4

4

4

UT

4

6

6

4

VA

3

6

6

3

VT

6

6

5

4

WA

3

6

6

3

WI

6

6

10

6

WV

5

15

6

4

WY

8

10

10

8


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