Hi everyone, I'm Ricky Nolls. I am always trying to learn more about the use of contracts for loan agreements. The evolution of the contract started with verbal agreements between two parties. Contracts have changed several times to the modern written document that can include any number of participants. Contracts are a binding document that holds both parties to the loan agreement. The contract not only includes information about the agreement, but also details the punishment for reneging on the stipulations. I hope to explore the various ways banks and credit unions use contracts in their day-to-day operations. I also want to discuss the different types of stipulations and punishments included in these binding documents. Thanks for stopping by my website.