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  #1  
Old 12-07-2006, 12:43 PM
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Legal agreement format needed about a debt


What is the name of your state? CA.

Hi,

One of our relatives has to pay around 17000 dollars to us and he wants to give a legally binding doc to us saying he will pay that amount in 20 months time as installments. My question is,

Is there any standard format for this type of agreements?

Do we need to do this on a (stamp) paper or any legally valid paper? Or if he writes it down on a piece of white paper and signs and gives, is that valid?

Thanks,
wxyz
  #2  
Old 12-07-2006, 01:47 PM
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All that is required is wording that both parties agree with and the signature of both parties. For an amount that large, it would not hurt to have a local attorney draft a contract that would hold up to the most strigent scrutiny. It should cost only a few hundred dollars.
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  #3  
Old 12-07-2006, 06:53 PM
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Is it valid if it is done on a normal white paper?


Is it valid if it is done on a normal white paper?
  #4  
Old 12-07-2006, 07:05 PM
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Quote:
Originally Posted by wxyz View Post
Is there any standard format for this type of agreements?
Google 'promissory note' and download any of the thousands listed.
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