Legal Question in Civil Litigation in Illinois
What makes a document legal
I have a friend that borrowed money from another friend about three months ago. Now the person that loaned him money wants him to sign a contract to make it ''legal''. He does not have a problem doing this, but what exactly makes a document ''legal''?
1 Answer from Attorneys
Re: What makes a document legal
Hi. From your explanation it appears as if your
friend that loaned the money wants the other friend to enter into a loan agreement, after the
loan. This type of agreement is legally binding
when there is consideration. In other words a
contract is legal when there is a promise for
a promise. Here the consideration is one friends
promise to lend money while the other friend
promises to pay it back. Will be happy to answer
any additional questions you may have.
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