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Laura took out a $20,000 loan from her bank to finance some home improvements. The legal loan documents included this typo: The borrower must make
Laura took out a $20,000 loan from her bank to finance some home improvements. The legal loan documents included this typo:
The borrower must "make loan payments of at least $1,000 monthly, with each payment arriving . . . not less more than 30 days apart . . . ." (I underlined the typo for you).
When Laura failed to make payments not more than 30 days apart, the bank sued her. Laura argued that she was obligated to make payments not less than 30 days apart (in other words, at least 30 days apart).
Imagine that you are the Judge.
- How would you determine what the parties intended?
- Would you rule for Laura or for the bank?
- Why?
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