Washington  |  Business Law

Legal Question

Asked on: 2/21/07, 4:30 pm

promissory note - is double return legal

I am considering lending money to a friend that is in need of funds for his business. He has told me he will double the money I lend to him in one year and has it spelled out in a prommisory note as a lump sum payment twice the amount that was loaned to him. Are the terms legal? Would I have any problems enforcing the terms of the note in the event that he defaults come next year?

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