How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask wallstreetesq. Your Own Question
wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 17252
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
Type Your Business Law Question Here...
wallstreetesq. is online now
A new question is answered every 9 seconds

I signed a promissory note to loan my ex boyfriend $5,000 for

Resolved Question:

I signed a promissory note to loan my ex boyfriend $5,000 for his new computer business. The term of the note is 18 months. He already knew at the time that he was going to leave me for another woman, who he is now living with, and is an investor in the business. I feel this was obtaining the loan/investment from me under false pretenses. Supposedly this was helping "us" by investing in the business and I would later join him in Virginia and work in the internet cafe with hiim. When he took the money and signed the note, he already knew and was living with the other woman. How do I change the 18 months to immeidately since he lied to me?
Submitted: 7 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 7 years ago.
was he to pay you interest and the balance in 18 months, also did you state any terms or role in the note?
Customer: replied 7 years ago.

principal amount of $5,000.00 with 1.5% on any unpaid balance. Payments are payable to the Noteholder at the above signed address commencing 1/1/2010 in quarterly installments to be determined by profitability of the business, including interest, and continuing on the 15th day of each third month until paid in full. If not paid off sooner, this Note is due and payable in full on 6/1/2011.

If the Borrower is in default more than 90 days with any payment this Note is payable upon demand of any Noteholder.

Expert:  wallstreetesq. replied 7 years ago.
you should wait to sue him if he had not paid you after 1/1/2010, as you did not have any clause regarding your relationship with him. If you start a suit based on fraud, it is more difficult for you to prove as he will deny the verbal agreement.
wallstreetesq. and 4 other Business Law Specialists are ready to help you