Contract dissolved against the wishes of one party
I have a contract with a company.Terms are;I invest a certain sum and six months later I receive my money back with profits.Nearly a year later,no money is forthcoming.I complain and receive my money back without profits ,against my wishes.Is this person in breach of the contract?Surely he can't just keep my money for a year,and then dissolve the contract because he doesn't want to pay me.
Asked on 11/05/03, 8:55 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Contract dissolved against the wishes of one party
I suggest you take a very close read of the contract, and whether profits are actually guaranteed. Anyone that can guarantee profits from a business venture, and is borrowing money to do so, is lying through their teeth.
A lending institution, that's federally insured, can guarantee interest, but can't even guarantee the rate unless it's a certificate of deposit or US Treasury securities.
That you got your money back is a point in their favor, since the usual "guaranteed profits" angle is a Ponzi scheme.
Answered on 11/06/03, 9:35 am
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