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Good morning. When you say "loaned" a piece of property, what does that mean? Was title transferred to you? Was a promissory note signed? Or, was their simply a verbal understanding that at some point you would re-convey the property to your mother? Thanks.
The property was signed over to my brother and I. The amount of $10.00 was paid with a lawyer present. The understanding was, we ( my brother and I) would return the property back to our mother once our business got up on its feet.
Thanks. The brother's son takes the property with the same conditions as the brother had...i.e., to re convey the property to mother. The problem is if there is no written agreement to do so. Absent a written agreement and if the brother's son's guardian will not agree, then you have to file suit to enforce the verbal agreement. The lack of a written contract can be overcome by theconcept of promissory estoppel, detrimental reliance, and unjustenrichment. This situation arises when PersonA relied upon the verbal agreement, Person A performed based on such reliance,and because Person B defaulted, such reliance is now to Person A's detriment. Where there is i) partial performance byPerson A based upon the mutual promises, ii) Person A relied upon such promisesto perform, iii) Person B's failure to perform would be to Person A'sdetriment, and iv) result in Person B being unjustly enriched, Person A can overcome the legal requirementthat the agreement be in writing.
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