A credit agreement, is a formal contract, and as such has several requirements from both parties. A non-living entity such as a bank cannot enter into a contract with a living human being, so the contract is between the bank and the “straw man” entity representing the man or woman. A commercial contract under equity law.
To make the contract legally binding, the straw man must represent the living being and provide joinder. The four basic requirements of a legally binding bilateral contract are:
- Full disclosure by both parties
- Equal consideration by both parties
- Lawful terms and conditions
- Signatures of both parties
What most people do not realise is that the bank is not fulfilling any of its obligations in this contract; we are just led to believe they are:
- The bank does not disclose the fact they are creating the money from your signature (IOU) to lend back to you
- The bank bring nothing to the table, and have nothing to lose, your signature enabled them to create the money in the first place
- Because of the two points above, they are acting fraudulently, they are using deception in their dealings and are therefore breaking common law, they may be acting legally, but they are also acting unlawfully
- A Bank is a legal corporate entity, it cannot sign an agreement, the suit who puts their signature on the form is not the bank
If any one of these requirements is not met (by either party) the contract becomes a non-binding unilateral agreement, the banks failure to comply with their requirements is the basis for commercial redemption, the difficulty lies in consistently pursuing claims.