A contract -whether oral or written-is legally binding so long as it can be proven.
An agreement must contain four essential elements to be regarded as a contract. If any one of them is missing, the agreement will not be legally binding.
3. Intention (meeting of the minds)
4. Consideration (fair value exchanged)
The party making the allegation must prove their case by a preponderance of evidence; so if there is evidence indicating a contract was formed, the judge would likely enter a judgment for the remaining balance of the loan.
small claims is appropriate for cases under $2500
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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.