Business Partner Not Paying on Loan

This is a discussion on Business Partner Not Paying on Loan within the Business Contracts & Partnerships forum, part of the BUSINESS & FINANCE LAW category; I left a business partnership after 7 months. I purchased all the equipment with my own money for the business. ...

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Old Sep 19th, 2012, 08:26 PM   #1
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Default Business Partner Not Paying on Loan

I left a business partnership after 7 months. I purchased all the equipment with my own money for the business. In order to keep the business running, I drew up a contract to have my partner at the time, now sole owner of the business, pay me monthly for the equipment that I had purchased. She agreed in an email response and began paying me according to the terms of the contract (all without either of us signing it). For 8 months her payments came on time. She has yet to make her payment this month and refuses to respond to any of my correspondences. What rights do I have at this point? Is the contract legal even though it was never signed? Does that equipment still belong to me (minus the money she has repaid me?).
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Old Sep 19th, 2012, 10:58 PM   #2
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Default Re: Business Partner Not Paying on Loan

In some cases, a contract does not have to be signed to be enforced. An unsigned agreement can be enforced if each party has made decisions in accordance with its provisions. Partners can be bound to oral agreements in the same manner as written agreements. What this means for a partnership is that even if an agreement is not signed, any agreements set forth between each partner can be enforceable in court if conflicts were to arise.
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