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WHITBY FREE PRESS, WEDNESDAY. FEBRUARY 19, 1975, PACIE The La'w amd You Q. 1 advertised a camera ýfor sale in the newspaper. A man came to look at it and wanted It. He said hie didn't know if the price 1 wanted was fair, and that lie wanted to tatk to a friend who knew more about photography than he did. But hce wanted me to hold the camera. So t wrote Up a contract which said 1 agreetu to soît the camera to him at a price to be agreed upon. He came back the next day with a price that was too low. Now who's price prêvails in the contract, his or mine'? A. No one's price prevails. You do not have a vatid contract uniess aIt essential ternis have been agreed upon or are capable of being ascertained certainty. Here an essentiat tern - the price to be paid - is omit ted. You do flot therefore, have a complote contract ai att, and are not bound to seti the c amera, nor hie to buy it. Q. I thought that the era of debtors' prisons was over, but now I'm flot so sure. Soineone totd nme at a party tast night that he'd gotten a tetter from a collection agency thireatening him with six days in jail if hoe didn't pay some Smalt Claims Court judgemients. This guy is pretty irresponsibte about his debts, but he's had some bad.luck too, and 1 really wonder thiat they coutd stick hiru in jait for somethîng- ike this. A. Peopte cannot be jailed for simple civil debts which romain unpaid even after judgement. However if judge. ment is recovered against the debtor, and hoe stitl doos flot pay it,.lho may be calted before a judge to exptain why ho cannot pay. If hoe faits to appear hoe may be jailed for contempt of court - but not for the faiture to pay the debt. In any ora of eniightened law in somany areas, some of us are stili amazod to find such a potent toot for harassment by collection 'agencies subI on the books. Most of the time it doos titttc or nothiing t0 expedito payments. and moeroty adds to the debtor's court costs. Q. Is it true that the wife always geus custody of the children in a divorce case? 1 have been thinking of got- ting a divorce for some time - my wife has gone off to tive with another guy. "The chitdron are both happy living with me, and I don't want to give thero up. older, the judge may often take their wtshes intu accounit in decidtng custody. Q. If sorneone 'niakes a will,does hie have to revise the will if hoe acquires other property afterwards? ln my case I'm willing ail nîy land and possessions to my wife anyway. But silice we.just bought a cottage, 1 need 10 know if 1 have to include that in my will, too. A. No, in this case a general devise of reat property to your wife would operate in a wiIl to pass to hier flot only the land you owned when theo will Was made, but also any property you might purchase subsequent to making, Your %and Ë %K-. SHOP FOR LOAN There are other financiat institutions besides the banks who tend money. There are credit unions, but you must be a memrber and not everybody is. And there are the caisses populaires, primarity in Que- bec, which are anothor form of credit union. Other tenders include con- sunmer boan companies and sates finance companies. The former offer personat toans tike the banks, but at somnewhat highier rates. The tatter provide point of purchase rinance facilities at automobile deaters and othor sellers of durables. Again. the interest rates should be checked in mnaking a wise purchas, anywhere. It is wise to find ou precisely how miuchi your toa will cost. By taw, you a] entitled to know before vol sign. Life insurance companios als Iend money - if you have life insurance policy you ca borrow nioney on it. Bu remnember that if you do thi! your tife insurance protecti( will be reduced by th outstanding amount of th loan. The amount of monoy whic you can borrow ini this wa depends entirety upon the cas surrender value of the polic the wilI. However, it is often advisable to have your will re- viewed from time to time by a lawyer with an oye towards minimizing Suiccession Duties and other tax difficulties. "THESE QUESTIONS AND ANSWERS, DBASED ON ONTARIÃ" LAW, ARE PUBLISHED TO INFORM AND NOT TO ADVISE; NO ONE SHOULD TRY TO APPLY OR INTERPRET THE LAW WITIIOÙT THE AID AND ADVICE 0F A TRAINED EXPERT WHO KNOWS THE FACTS, BECAUSE THE FACTS 0F EACH CASE MAY CHANGE THE APPLICATION 0F THE LAW'.'$ You can borrow Up to that amount, but ro more. There are no hidden costs monoy on your insurance. The re is siimply an interest cha ge - on a poicy taken out -Ibefore Sept. 1, 1968, this cannfot exceed 6 per cent; on a 8 poticy takon out later than that, on which there wouldn't be much cash surrender value se yet anyway, the interest ul charges woutd be higher. an Att these tenders have diffo- re rent types and terms of credit. )u Because they. are in competi- tion with each other the so borrower can shop around for a the best deal. ani The best advice we can give uit you is to look around for the is, best buy - as you would if you Dnwere making an important he vurchase for the homne. ý le ay sh ýCy just as any good shopper ducs at the limie you want the boan. This is one of a seles of columns on money manage- ment, condensed from the bookiet Your Money and Credit Today and Tomnorrow, published by the Canadian Bankers 'Association. Copie& of the. booki et, in, English or French, are available free from the A ssociation at P.O0. Box 282, Toronto Dominion Centre, Toronto, Ontario, M5K IA 3. GARE Canada Dept. 4 63 Sparks. St. Ottwa KlP 5A6 BROTHERS PIZZA - SUBMARINES 110 Lupip Dr.. Blair Park Plaza, Whithy 668-3600 1 ----- -- --- A. There is no rule that the wife necessarily gets custody of the children in a divorce action - flot even veîy young' children. The court must decide what is best for the children in every case. This means that young children are usually given to the wife. But if she is a bad influ- ence, they may go to the father. If the children are Give- your futu re a break Right now is a good time to switch al your fina ncial affairs to where you get more for your money. Victoria and Grey pays high, higli interest on gUaranteed investment certificates. Here you can get cheques for free, mortgages at competi- tively low cost, safety deposit boxes for as littie as $5 a year and the truly personal service that has been winning friends since 1889. The ail Ontario Trust Company begun in 1889 S Member Cana da Deposit Insurance Corporation VICTRIAand GREY TRUST COMPANY SINCE. 1889 L orne D.- Reid 308SDUNOAS We WHUTSY - 1 1 ÏE6