To win the case, the aunt must prove with evidence that her nephew lent the money with the intention of repaying it, while the nephew must prove that he did not accept. Without the documentation of the agreement, it will be a matter of er-she-said. In the end, it is a judge who decides which case is most likely of the party. In general, you don`t need to put a credit contract between individuals in the correspondence. Oral lending contracts, which are sufficiently detailed, are fully applicable. The main problem with the application of oral treaties is evidence of their existence and conditions. The fact that the parents appeared to give almost all of their money to a child (of four children) was considered inconsistent with the theory that the funds were a gift, as well as the reference to the word “loan” in bank statements and verbal references to the expected repayment (and some similar confirmations, including in the form of emails). In most countries, you can make a money judgment using the salary trim — a court order that requires the debtor`s employer to withdraw money each month from his paycheck to pay you directly. They may also receive a court order to carry or collect the debtor`s bank or share accounts, or deposit a pledge on his real estate holdings. Read more: How to impose a judgment In a valid contract, one party makes an offer and the other party agrees.
This is commonly referred to as the “meeting of minds” because both parties agree with these conditions. In our example, the aunt proposes to lend money to her nephew, provided that he rem scholarship within a reasonable time. The nephew accepts their offer and promises to pay it back in full after buying his new tire. If you rush into a business transaction or lend money to a friend in distress and you haven`t been reimbursed, you may have questions about the money owed without a contract. Just watch an episode of People`s Court or JudgeJudy and you will see that, yes, you can complain about an oral agreement. But you have to prove your case, which can be difficult. To be enforceable, an oral contract must be an agreement between two competent adults and must be characterized by an offer and acceptance. The terms of the contract must be clear enough for a court to enforce them and the contract cannot have any illegal purpose.
Most oral contracts are legally binding. There are a few exceptions, however, depending on the design of the agreement and the purpose of the contract. In many cases, it is best to draft a written agreement to avoid litigation. The parties, both reasonable, should freely approve the terms of the agreement, i.e. without influence, coercion, coercion or misreprescing of facts. The nephew and aunt accept the terms of the contract without putting pressure on each other and with the intention of fulfilling their obligations. Contractual terms must not be presented in a vague, incomplete or erroneous manner. In other words, there should be an agreement on who the contracting parties are, on each party`s obligations, on the price to be paid and on the purpose of the contract. The conditions between aunt and nephew are very clear; the aunt lends $200 to the nephew for the purchase of a new tire (and nothing else) provided he reseals her 200 dollars at some point (for example.
B when he receives his next cheque).