If you loan me eyes to a person

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If you loan me eyes to a person

I gave someone that I know 3,000 to
invest in a personal business. The
business is not on the records but I
have a text message conversation stating
that yes he did accept the money but
he’s now refusing to pay me back the
money I vested interest into his
personal business. Am I able to sue the
person To recuperate the money I
invested.

Asked on March 13, 2018 under Business Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

It depends on whether the money was an investment which was paid to give you some ownership interest in the business or was a loan to be repaid. You seem it indicate that it was loan, so we will answer the question based on that: in that case, when a loan is not repaid as and when agreed, you can sue for its return based on "breach of contract" (violation of the agreement about repayment). But you can't call the loan early--it must not be paid when the agreement was to repay it, and the borrower does not need to repay it early. To in win court, you will have to prove you paid the money (e.g. by a cancelled check) and also the agreement to repay and its terms (which you can do by text message and your own testimony), as well as the fact that repayment is now late. (Of course, it would be easier to prove these things with an actual loan agreement or promissory note in the future, always get one when you lend money.)


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