If I sold an item to a friend and he issuppossed to payin increments buthasn’t paid me in 4 months, amI able to take back the item?

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If I sold an item to a friend and he issuppossed to payin increments buthasn’t paid me in 4 months, amI able to take back the item?

Asked on November 21, 2011 under Bankruptcy Law, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Good question. If you want to rescind the sale of the item that you soold to a friend who has not been able to pay you in the increments that were agreed to, you can prepare a written agreement to be signed by the both of you where you agree to take back the item in lieu of any payments where there is specific reference that the sale is rescinded and cancelled.

Make sure that you get such a written agreement signed by your friend and that you each keep a copy of it for future reference.

You cannot unilaterally take back the item sold however. The friend has to agree to return it to you.


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