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Are verbal contracts to repay money enforceable in Colorad

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Are verbal contracts to repay money enforceable in Colorad o?
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Answered in 3 minutes by:
6/10/2013
Lucy, Esq.
Lucy, Esq., Attorney
Category: Legal
Satisfied Customers: 31,006
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Hi,

My name is XXXXX XXXXX I'd be happy to answer your questions today.

Yes. A verbal contract to repay a loan is enforcible, unless it is something that, by its terms cannot be completed within one year. For example, an agreement such as "I'll repay you when I can" would be allowed, but "I'll repay you in two years" would have to be in writing.

The statute of limitations on a breach of contract case is six years.

If you have any questions or concerns about what I've written, please reply so that I may address them. It's important to me that you are 100% satisfied with the service I provide. Otherwise, please rate my service positively so that I get credit for answering your question. Thank you.
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Customer reply replied 4 years ago


Thank you. What type of information is needed to enforce a verbal contract. Thanks. Richard

Customer reply replied 4 years ago


Did my follow-up question come through to you?

I'm sorry. I had to step away for a minute.

The best evidence is a witness to the agreement, most people won't have that. If the money was given via a check that says "loan," a copy of the check is good. Any emails, text messages or other writings between the parties that can help show that money was transferred, and why, will be helpful. If nothing else, it comes down to the first party's word that money was loaned, and the second party's word as to why the money hasn't been repaid. The judge can cross-examine both parties to determine who is telling the truth. This isn't a criminal case where you need proof beyond a reasonable doubt. The judge just has to find that, more likely than not, it happened the way the plaintiff said it did. This is a much lower standard, and it can be met with just the testimony of the parties (although it's always best to bring any evidence you have).
Lucy, Esq.
Lucy, Esq., Attorney
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