Hudsonville, MI asked in Contracts for Michigan

Q: Can I change terms in a contract without informing the other party?

For example, say I am looking to take out a loan of $1,000 at 10% to be paid over a year and am able to take the contract home to review.

If I change the contract to instead say that the loan is for $1,000 at 5% to be paid over a year and return the new contract signed, to the bank. If they sign it, even without reviewing it, is it the contract still valid and they would be required to give me the new interest rate?

Not trying to mess with a bank mind you, just a simple explanation.

Answer -

Thank you for pointing out the meeting of the minds. It was the cookie trail I needed to get the information I wanted.

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2 Lawyer Answers
Thomas. R. Morris
Thomas. R. Morris
Answered
  • Farmington Hills, MI
  • Licensed in Michigan

A: The short answer is no. Perhaps someone else is in the mood to write a lesson in contracts law. I will just use the phrase «no meeting of the minds ».

Tim Akpinar agrees with this answer

1 user found this answer helpful

Tim Akpinar
Tim Akpinar
Answered

A: Both sides, if they chose to do so, could agree to modify contract terms or come up with new contract. But one side on their own cannot. Good luck

Tim Akpinar

1 user found this answer helpful

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