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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 35309
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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I have a signed and notarized promissory note with a friend

Customer Question

I have a signed and notarized promissory note with a friend to pay him $100 a month until the loan of $11000 is paid. But right before the deal went through he changed the terms and had me send him a text message that I would pay him $8000 within 60 days and I would pay the remaining per month. I sent him the text because I couldn't afford not to at the moment. Could I still go with the original signed and notarized agreement or am I legal binded by the text message.
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  LawTalk replied 3 months ago.

Good morning Rolando,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. I wanted to let you know that I am reviewing your question right now. Please give me a few minutes to either ask clarifying questions of you, or a bit longer to prepare an answer and get it posted to you. Thanks in advance,

Doug

Expert:  LawTalk replied 3 months ago.

Good morning Rolando,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

Quite simply, if your friend agree to the original promissory note, and accepted that in exchange for the loan, then they cannot unilaterally change the terms of the repayment agreement. The fact that they sent a text informing you that they wanted to change the terms of the note does not mean that the terms have changed. A change in the terms of the note would have to be accomplished by the execution of a new note, or at least a written addendum to the note signed by you in which you agree to a different payment plan.

You are bound by the written promissory note that you signed and gave in consideration for the loan made. The text message is not a written document and cannot be used to modify a contract.

Texas law, Texas Business and Commerce Code, Section 26.01, requires that any contract which will not be performed within one year from the date of making the agreement must be in writing. Here ihttp://law.justia.com/codes/texas/2005/bc/***-**-****26.00.htmls a link to the law: A text message does not constitute a writing under Texas law.

So yes, you are still bound by the written Promissory Note that you signed, but not by the text message that you sent.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

Expert:  LawTalk replied 3 months ago.

Hi Rolando,

This seems like a very crucial matter for you, and your questions and issues suggest that an in-depth conversation might best suit your needs. If you are interested, for a very nominal charge I can offer you a private phone conference as opposed to continuing in this question and answer thread which is searchable and viewable by the public.

Please know that I answered your question in good faith, providing you with the information that you asked for, and I did that with the expectation that you would act likewise and rate my service to you. If I have already provided you with the information you asked for and you have no additional questions, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance,

Doug

Expert:  LawTalk replied 3 months ago.

Hi,

Is there anything else I can assist you with today?

Doug

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