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CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10238
Experience:  I am a businesses law attorney, with experience advising and representing owners and investors.
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I have a handshake agreement with someone to generate money

Customer Question

I have a handshake agreement with someone to generate money by creating a IM to $mentoring website. I have invested close to $40,000 over five years. It's not working out. He has been paying me approx. $300/mo.Now I am asking him for a $10,000 to walk away. He won't do it.Do I have a legal means to recover this money?
Submitted: 5 months ago.
Category: Business Law
Expert:  CalAttorney2 replied 5 months ago.

Dear Customer,

Thank you for using our forum. My name is ***** ***** I hope to assist you today.

I am sorry to learn about this matter.

If the other person is in breach of your agreement - you can sue them for breach of contract (breach of oral contract is just as enforceable as written contracts - the problem that you will run into is that your evidence can be a little more complicated (it is an issue of your testimony, their testimony, and accountings, such as showing your investment, any return, etc.) - but these oral contracts are just as enforceable as written contracts).

Short of filing a lawsuit, you can try to mediate the dispute with them - contact your local bar association and request referrals to mediators, a third party neutral can often help you reach a mutually agreeable resolution. Use the bar association's referrals to contact a mediator or two, the mediator will then contact the other party to set up a mediation session, and you can go from there - hopefully resulting in a formal or written settlement agreement, and save yourself the time and expense of litigation.

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