What is the name of your state? Guam
If there is a ongoing relationship under an open book contract say 12 years where payments are made monthly and additional costs are allowed only with permission does the balance continue on with the contract? The contract has an automatic renewal clause that was relied on the entire time. The customers monthly payment was $5,800 with allowable additional costs. The increases were added to the balance and the monthly payment stayed the same. The contract is now over because my father passed away. I have spoken to a lawyer here locally and his opinion is it a breach of contract case and we can only collect 4 years back. The law here is 4 years on a written contract accruing when the right to action occurs and 4 years for an open book account accruing on the last item of the account. If its under the open book account law wouldn't the balance continue on while they were making payments the entire time? The law also says its 4 years after the last item of the account and there was never a closing of the account or cancellation of the contract. I realize his passing away ended the contract, but is there a final step needed to close the account? Also could a waiver of rights and estoppel clause preventing the other party from taking a different position once they required the work have an effect on the statute of limitations?
If there is a ongoing relationship under an open book contract say 12 years where payments are made monthly and additional costs are allowed only with permission does the balance continue on with the contract? The contract has an automatic renewal clause that was relied on the entire time. The customers monthly payment was $5,800 with allowable additional costs. The increases were added to the balance and the monthly payment stayed the same. The contract is now over because my father passed away. I have spoken to a lawyer here locally and his opinion is it a breach of contract case and we can only collect 4 years back. The law here is 4 years on a written contract accruing when the right to action occurs and 4 years for an open book account accruing on the last item of the account. If its under the open book account law wouldn't the balance continue on while they were making payments the entire time? The law also says its 4 years after the last item of the account and there was never a closing of the account or cancellation of the contract. I realize his passing away ended the contract, but is there a final step needed to close the account? Also could a waiver of rights and estoppel clause preventing the other party from taking a different position once they required the work have an effect on the statute of limitations?