Verbal agreements

What is the name of your state? Florida

We are partners in a small buisness in which we invested $8000 to start with a verbal agreement that the money would be repaid in monthly installments of $630 after the first year. Our partners are reneging on this. Do we have any legal foot to stand on? Thank you

You've got to be kidding right? How do you prove the existence of a verbal contract?

Have the partners made any payments?

verbal agreements

Florida- I have meeting notes that indicate that we recieve payments begining Jan '04 but no they have not paid us anything.

Well, if all you have is YOUR written notes, not signed by a witness or the party to be charged, then I'm afraid that BB's post is probably the correct one -- unless you can somehow get them to admit that the contract existed, it's going to be very difficult to show the existance of a verbal contract.

What you could do is write them a letter, detailing the terms of the verbal agreement, and asking them to start paying as per the agreement. Add something like "if you fail to respond within 10 days, I will take this as your acknowledgement that these terms are the correct terms of the agreement." Send it to them certified mail return receipt requested. If they don't respond, then if you end up in court, the letter and proof of delivery MAY be sufficient to establish the existance of a contract.

Of course, if they send you back a letter denying or disputing the contract, your sunk, but you are not really any worse off than you are now in the proof department...