Defamed101
Junior Member
What is the name of your state (only U.S. law)? Georgia
5 men decided to invest $3500 ea in a venture consisting of going to Alaska and prospect/mine for gold. It was verbally agreed that once the process was started, that if someone could not make it, they were still responsible for the investment amount, because if someone backed out then the other investors would not be able to complete the venture without the money. So the 5 men agreed. There was one additional witness present at the time. So after about 3 months of working on this project, one guy is backing out and is not standing by the agreement. Even thought this is a verbal agreement, would it be possible to take him to court and have a basis to win. ThanksWhat is the name of your state (only U.S. law)?
5 men decided to invest $3500 ea in a venture consisting of going to Alaska and prospect/mine for gold. It was verbally agreed that once the process was started, that if someone could not make it, they were still responsible for the investment amount, because if someone backed out then the other investors would not be able to complete the venture without the money. So the 5 men agreed. There was one additional witness present at the time. So after about 3 months of working on this project, one guy is backing out and is not standing by the agreement. Even thought this is a verbal agreement, would it be possible to take him to court and have a basis to win. ThanksWhat is the name of your state (only U.S. law)?