Financial and Consumer

After a judgment is entered against you in court, what happens? First, a sheriff or marshal or other state authority may notify your employer of the judgment and the garnishment. Depending upon the state, the amount garnished will vary, but it is usually a percentage of your paycheck, less certain exemptions offered by state law.

After a judgment is entered against you in court, what happens? First, a sheriff or marshal or other state authority may notify your employer of the judgment and the garnishment. Depending upon the state, the amount garnished will vary, but it is usually a percentage of your paycheck, less certain exemptions offered by state law.

One of the primary concerns in agreements between private parties can be running afoul of usury laws. Usury laws set limitations on the amount of interest which can be charged, and these rates vary by state. States have these rules so that certain institutions or persons cannot take extreme advantage of another person in a less equal financial position.

Often, contracts can be broken in at least three ways:

Most contracts are based on common law elements. The elements of most basic contracts are:

  1. Offer
  2. Acceptance
  3. Consideration.

In order to determine whether a contract exists, understanding of these elements are needed.

Offer

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