Legal Question in Business Law in Virginia

Guarantor

My friend has been told she is liable for making repayments on an office equipment lease. She was duped into co-signing the lease agreement unaware she was becoming jointly liable. The other party has gone into bankruptcy and the collections co have started pursuing a legal remedy from my friend. She believes she was misled into signing the lease. Does she have any options?


Asked on 9/27/07, 2:32 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Guarantor

Fraud in the inducement is generally recognized as a standard defense to the enforcement of a contract wherein fraudulent misrepresentations of a material nature were made by one of the parties to induce the other to sign a contract for which the latter now seeks the remedy of recission.

However, whether the foregoing would actually apply to the facts of your friend's case is quite another matter, and certainly much more than her mere assertion that "she was duped into co-signing the lease agreement" would be required in terms of proof sufficient

to support her claim(s).

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Answered on 9/27/07, 4:24 pm


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