Word: contraction
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Dates: during 1970-1979
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...drearily familiar story: a consumer buys an auto, refrigerator, sofa or whatever, and signs a time-payment contract. The product quickly breaks down or proves otherwise defective, and the dealer refuses to repair or replace it. Understandably, the consumer then tries to withhold payment-only to find that his contract has been sold by the dealer at a discount to a bank, finance company or other lender. The lender proclaims, quite correctly, that as the purchaser of a presumably valid contract-in legal parlance, as a "holder in due course"-he has no responsibility for the merchandise...
...this nightmare. In a ruling earlier this month, the agency decreed that a holder in due course is responsible for the merchandise, that a consumer can stop payment on a faulty product-and that all that has to be spelled out in bold type on the installment contract.* Consumers may still be sued by holders in due course for payment, but they now have a legal basis for defending themselves. The move will not prevent shoddy merchandise from reaching the marketplace. But since no bank or finance company wants to hire auto mechanics or TV repairmen...
...wording: "Any holder of this consumer credit contract is subject to all claims and defenses which the debtor could assert against the seller of goods obtained hereto or with the proceeds hereof...
...gray-green almond-shaped eyes. He had also had all the prescribed early breaks. He had been "discovered" on the Tonight Show four times, sung with Don Rickles in Reno and Vegas, played the Copa, Jimmy's and the Rainbow Room in Manhattan, signed a $7,500 contract with Epic Records and toured the top spas on the Borscht Belt...
Selling Eggs. But it all turned sour. Tonight said "Enough." Rickles replaced him with Vic Damone. His record contract, after studio and musician costs were paid, netted him $180 and produced one single that tested well in Omaha but died in Atlanta-after which Epic dropped him too. Even in the Catskills, audiences played mah-jongg while he sang them love ballads, and they clacked their tiles on the table to show their bored approval. He quit, he says, "in disgust and revulsion...