Suing for breach of contract
Two people go in on a loan together, One takes over the loan, the loan is paid up 2 years so you are not making payments on it at the present time, the loan is not deliquent in any way. Can person two sue person one for breach of contract and misrepresentation and under what grounds?
1 Answer from Attorneys
Re: Suing for breach of contract
In my opinion you could sue the other individual that signed the loan if the facts and agreement substantiate that he promised to pay. He would have to have some benefit from the loan and not having just signed as an accomodation. More facts need to obtained before you take action. Suggest you consult a lawyer, but if the co signer received a benefit from the loan and refuses to pay, he should be sued for the amount he agreed to pay.
Law Office of Gerald M. Hershenson
506 Corporate Drive West
Related Questions & Answers
Payment of loan balance by defunct business business partner & I borrowed money... Asked 11/27/98, 2:42 pm in United States Pennsylvania Business Law
Principal Business Activity What is the most simplest way to word the... Asked 12/22/97, 6:28 pm in United States Pennsylvania Business Law