Garber v. Harris Trust & Sav. Bank
Appellate Court of Illinois
432 N.E.2d 1309 (1982)
Relevant factsFree
A class of credit card holders (plaintiffs) sued several financial institutions and retailers (defendants) for changing the terms under which they extended credit, arguing that issuing the cards created a binding contract that couldn't be modified without new consideration and seeking injunctive relief and damages; the circuit court granted the defendants' motion to dismiss, and the cardholders appealed.
IssueFree
Whether the issuance of a credit card creates a binding contract obligating the issuer to extend credit indefinitely on the original terms, or merely a revocable offer to extend credit.
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