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 3 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 3 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.