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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 118787
Experience:  Attorney experienced in commercial litigation.
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Contract - 40K - Three (3) Parties. (It might be best

Customer Question

Contract - 40K - Three (3) Parties. (It might be best addressed by a Litigation or Consumer Protection attorney - not sure - but cannot find a Litigation Attorney section to direct it.)
Contract stipulates providing a 3rd party with a 40K.
The above amount consists - in equal parts - from two 20K amounts from party 1 and party 2.
The amount was never given to a 3rd party, but two parties agreed to pay the full 40K .
1) What are the ways to recover a half of the amount - that was agreed to be paid but was never paid?
2) How to enforce a 2nd party to pay the other half? Is court the only option (given conversation is not possible?
3) Promissory Note.
If a promissory note turns out to be signed - what is its impact on the above scenario?
4) What rules govern such situation - Fed, State (NJ)?
(Time-frame, if necessary:
Happened around a year and a half ago - the agreement to pay the entire amount.
Thanks.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

If conversation is not possible and each party agreed to pay $20K, but one party is not paying, then the only way to collect is filing suit for breach of contract against the non-paying party. The 3rd party is the one who has to sue for the money, since they were the one who was supposed to receive the money. If the 3rd party tries to sue the party who paid their share then the party who paid their share can file suit against the non-paying party for contribution and reimbursement to recover the $20K share.

This is under contract law, which is common law in NJ state courts, not statutory law.