Form of executory contract
19. (1) Every executory contract, other than an executory contract under an agreement for variable credit, shall be in writing and shall contain, Note: On a day to be named by proclamation of the Lieutenant Governor, subsection (1) is amended by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 13 (1) by striking out the portion before clause (a) and substituting the following: Form of executory contract (1) Every executory contract, other than an executory contract under an agreement for open credit, shall be in writing and shall contain, See: 1999, c. 12, Sched. F, ss. 13 (1), 45 (2). (a) the name and address of the seller and the buyer; (b) a description of the goods or services sufficient to identify them with certainty; (c) the itemized price of the goods or services and a detailed statement of the terms of payment; (d) where credit is extended, a statement of any security for payment under the contract, including the particulars of any negotiable instrument, conditional sale agreement, chattel mortgage or any other security; (e) where credit is extended, the statement required to be furnished by section 24; Note: On a day to be named by proclamation of the Lieutenant Governor, clause (e) is repealed by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 13 (2) and the following substituted: (e) where credit is extended, the statements that Part III requires the lender to deliver to the borrower in respect of the credit agreement and the statements that Part III.1 requires the lessor to deliver to the lessee in respect of the lease; See: 1999, c. 12, Sched. F, ss. 13 (2), 45 (2). (f) any warranty or guarantee applying to the goods or services and, where there is no warranty or guarantee, a statement to this effect; and (g) any other matter required by the regulations. R.S.O. 1990, c. C.31, s. 19 (1). Validity (2) An executory contract is not binding on the buyer unless the contract is made in accordance with this Part and the regulations and is signed by the parties, and a duplicate original copy thereof is in the possession of each of the parties thereto. R.S.O. 1990, c. C.31, s. 19 (2). Allowance for trade-in subject to adjustment (3) Where the amount to be paid by a buyer under an executory contract is determined after an allowance for a trade-in and is stated in the contract to be subject to adjustment after the existence or amount of liens against the trade-in is ascertained or confirmed, the statement of the terms of payment and the statement of the cost of credit shall be based upon the amount as determined upon the information provided by the buyer but, upon any subsequent adjustment, the percentage rate by which the cost of borrowing is expressed, the total number of instalments required to pay the total indebtedness or the price shown in the contract shall not be changed. R.S.O. 1990, c. C.31, s. 19 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection (3) is amended by the Statutes of Ontario, 1999, chapter 12, Schedule F, subsection 13 (3) by striking out “an allowance for a trade-in” and substituting “a trade-in allowance as defined in section 23.1” and by striking out “des frais d’emprunt” in the French version and substituting “du coût d’emprunt”. See: 1999, c. 12, Sched. F, ss. 13 (3), 45 (2).