Contracts for purchases or leases may be made in any of the following forms:

Terms Used In Nebraska Statutes 81-162

  • Contract: A legal written agreement that becomes binding when signed.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Personal property: All property that is not real property.

(1) For the furnishing of specific personal property at specific prices;

(2) For the furnishing of personal property, according to the specifications, at a fixed rate for a minimum quantity, subject to furnishing a greater quantity at the same or a lesser rate; or

(3) For the furnishing of personal property, according to the specifications without a stated minimum at a rate stated, commonly known as a price agreement.

The form of the contract to be used in any case shall be subject to the discretion of the materiel division.