Informal business arrangement
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Informal business arrangement
I sell watches via the internet – my
friend gave me her credit card and
started buying watches with – I sold
them before the due day payment and
gave her the money to pay her card
and half of the profits that were made
after a few times of smooth
sailing/selling I lost the money
dedicated for the card payment due to
carelessness on my behalf and I am
unable to pay because my own money
was lost as well – am I responsible for
the full amount or half the card
obligation as she was receiving half of
the profits ?
Asked on November 4, 2017 under Business Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
First of all, an agreement with this person such as you have described constitutes a valid contract, even if it it not in writing. Accordingly since it obligates you to repay the amount charged to their card, plus half of the profit, then you re legally lible to pay them such amounts.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You are responsible according to the agreement between you. If that agreement had been that you repay the *full* amount paid from her card and then give her half the profit, then you would owe the full amount. If you did not have a written agreement, an agreement can still be found from the demonstrated or actual payment arrangements between you; that arrangement was, as you describe it, that you would repay the full card amount; therefore, you would owe her that entire amount.
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