If my friend borrowed about $17,800 from me, how I get my money back since I only have a voice record?
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If my friend borrowed about $17,800 from me, how I get my money back since I only have a voice record?
Asked on December 31, 2014 under Business Law, Washington
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
You can try suing your friend--the only way to recover money owed to you is by suing and winning. You may have some problems, however:
1) Even with a "voice record," the terms of the loan will be less well documented than with a written agreement or promissory note.
2) If the term of the loan (i.e. the time before he had to repay) was more than one year, this may fall under the category of agreements which take more than one year to perform--and if a court did view it that way, the agreement would not be enforceable unless it was in writing (though there are other theories, such as promissory estoppel or unjust enrichment, you could use in a lawsuit, even if the agreement itself were not enforceable).
Given these issues and the amount of money involved, you are advised to retain an attorney to help you.
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