QUESTION
contract between two friends ends up being breached
Asked on May 24th, 2015 on Breach of Contract - Virginia
More details to this question:
a friend asked me to loan him money at 50% intereat so he could fix a car to flip; he is a mechanic. We wrote up a personal loan contract, but he signed his name as well as under his business' name. Its well over due and no payment has been made. Although the template we used says personal loan it was an invest contract since it was helping him help his business And he signed both as his name and under his business name. So my question is, what counts as a contract and I've been reading into contractual law in va and since it's a business investment even though th e template we used says personal law no usury laws should apply. How do I go about getting my money back plus what we agreed upon and all other costs involved.
1 ANSWER
1 Award
If you had a written agreement that he signed, that should be a valid enforceable contract. It sounds like you may have to sue him to collect on it. Depending on how much he owes you will determine whether you should file in the General District Court or the Circuit Court of the appropriate county.
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Answered on May 27th, 2015 at 1:04 PM