South Carolina  |  Business Law

Legal Question

Asked on: 4/03/06, 4:27 pm

Business Investment Obligation when does it end

husband ownes a business, a family member has invested in his company $56000.00 in 2002 drew the investment on credit cards.this investor has a contract that states that his investment would yeild him a return of 5% of net profit pertaining to this company when sales are made. this company doesn't exist anymore. my husband has personally paid this cousin over $110000.00 and because this investment was on his credit cards he is trying to obligate my husband further for all the intrest owed on these cards. other than the fact that my husband feels bad that his investment didn't work out for either of them is he obligated any further compisation or consideration?Thank you for your quick responce.

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