New Jersey Statutes 52:25-25. Agreements for purchases in form of contracts
Current as of: 2023 | Check for updates
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Terms Used In New Jersey Statutes 52:25-25
- 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).
Agreements for purchases may be made in the form of contracts for the furnishing of specific articles at fixed prices, or for the furnishing of articles according to the specifications at a fixed rate with provision for a minimum amount subject to increase at the same rate or for the furnishing of articles according to specifications without a stated minimum or maximum at a rate stated, commonly known as the “price agreement” at the discretion of the commissioner.