Terms Used In Utah Code > Title 70C > Chapter 1 > Part 3 - Definitions

• Agreement: means the bargain of the parties in fact as stated in a written contract or otherwise as found in the parties' language or by implication from other circumstances, including:

  (a)	course of dealing;

  (b)	usage of trade; or

  (c)

  course of performance. See Utah Code 70C-1-302 Contract: A legal written agreement that becomes binding when signed. Contract: means a document containing written terms and conditions of a credit agreement. See Utah Code 70C-1-302 Dwelling: means a residential structure attached to real property that contains one to four units including any of the following if used as a residence: (a)  a condominium unit; (b)  a cooperative unit; (c)  a manufactured home; or (d)  a house. See Utah Code 70C-1-302 Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC Party: means an individual and any other entity legally capable of entering into a binding contract. See Utah Code 70C-1-302 Person: means :Utah Code 68-3-12.5