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Simple English definitions for legal terms

contract loan

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A quick definition of contract loan:

A contract loan is when someone borrows money and agrees to pay it back with interest. The interest is calculated on the full amount of the loan, even if the borrower pays it back in installments. This means the borrower ends up paying more in interest than they would with other types of loans. It's important to read the loan agreement carefully before signing up for a contract loan.

A more thorough explanation:

A contract loan is a type of loan where the interest is calculated at the stated rate for the loan agreement's full term for the full principal amount, and then the interest is added to the principal before installment payments are calculated, resulting in an interest amount higher than if it were calculated on the monthly unpaid balance. This is also known as an add-on loan.

For example, if someone takes out a $10,000 contract loan with a 10% interest rate for 5 years, the total interest would be $5,000. This interest would be added to the principal, making the total amount owed $15,000. The borrower would then make installment payments based on this total amount.

Contract loans are typically used for consumer loans, such as car loans or personal loans. They are not as common as other types of loans, such as amortized loans or installment loans, because they can be more expensive for the borrower due to the higher interest rate.

contract labor | contract not to compete

General

General chat about the legal profession.

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Rightfullytherlauren

14:55

Other failed dates

babycat

14:55

That’ll do it

Rightfullytherlauren

14:56

Question, how many of u would sleep on first date

babycat

14:57

honestly my answer is it depends

babycat

14:57

there has to be a very specific vibe to make me want to do that. not like a regular date

babycat

14:59

and sometimes you want to and you still don’t do ir

babycat

14:59

it

babycat

15:00

but I don’t use dating apps so all my first dates are with people I’ve already met in some context, which it sounds like is your situation too

Dkk

15:00

I could never imagine myself doing that on a first date.

Dkk

15:01

@BulbasaurNoLikeCardio: hope things get better

babycat

15:01

@Dkk: what if it’s someone you’ve known for a long time but never dated?

Dkk

15:03

Maybe but things would have to go like perfectly. I could not imagine them going perfectly.

renard99

15:04

Sleeping on the first date just isn't my style, idk. I take things painfully slowly and much prefer to befriend and really get to know a girl first before doing any of that

Rightfullytherlauren

15:04

Ok another question, what do u tell the ppl u sleeping with already that ur going on dates

Dkk

15:05

The bigger issue is if I sleep with them will I have the emotional connection to finish cus it is harder for me to finish if I do not know the person.

bigroger100

15:05

Anyways when the fuck are either of the colorados schools releasing their shit. Smh

BulbasaurNoLikeCardio

15:05

@Rightfullytherlauren: If the person is clean or has a good vibe I will do it the first date

renard99

15:06

Yeah sorry I can't answer that Lauren, I don't sleep with anyone if I'm not already dating them

Dkk

15:06

@Rightfullytherlauren: This is like a stupid thing that only really hot guys and women have to think about. I have never had to think about this before. No answer.

Dkk

15:07

@bigroger100: No idea. Probably when they released last year unless they were supposed to release already.

BulbasaurNoLikeCardio

15:08

@Rightfullytherlauren: I am apparently a hot guy or just a slut cause I have had this before. If it is a FWB then you gotta follow the rules on that like wrapping your tool and such but if it is a casual fuck/bootie call they do not need to know if you are trying to find love and what you are doing when you are busy

BulbasaurNoLikeCardio

15:09

You just have to be smart and accept your choices, I know some people will believe a casual hook up or FWB is a regular exclusive thing. Communication is key if you are playing it that way but it is very dangerous to have multiple partners at the same time in a non-exclusive way

babycat

15:09

Yeah you should make it clear to them it's not exclusive

BulbasaurNoLikeCardio

15:10

I have been on the receiving/hurt end thinking it was exclusive when I was just her human dildo and it makes you feel bad.

babycat

15:11

Aw poor Bulbasaur

Dkk

15:11

In all of these situations described, the point of failure happened way before the emotional reality set in.

babycat

15:11

I'm like extremely monogamous at heart

babycat

15:12

I'm never dating or fucking more than one person at a time

babycat

15:12

But one time this guy I'd been dating for a little bit had a tinder notification come up on his phone and I flipped my shit lol

1a2b3c4d26z

15:12

Yea but isn't that just cheating

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