How long are verbal agreement good for?

[azucanwe]

Dear Gentlemen:

A friend signs me a "Renewal of Agreement" every two years promising he will repay me monies owed on a credit card This time around he has not returned the signed contract and it was due on January 23, 2005. I do not know his whereabouts. I can send letters to him thru ex-girlfriend of his or his relatives but they will not disclose any information as to where he lives or his phone number. They pass on messages from me to him but I never get a response from him. I am concerned that if I go to Small Claims I will be turned down because the agreement I have on hand has expired.

However, my friend reasured me verbally once again back in September of 2003 that he would pay back every single penny. I am sure I can establish my case on the verbal agreement but what I do not konw is how much longer do I have before the verbal agreement expires?

I have three signed contracts from previous years that my friend has breached in which he is promising to pay me a handling fee per each month that I have to make a payment for him. Under the contract it is understood that if he fails to make a monthly payment I will make the payment on his behalf in order to avoid having a bad Credit Record against me. Can I still enforce these contracts at all?

Thank you!

Azucanwe
California, USA

 

[freebird]

Dear Gentlemen:

A friend signs me a "Renewal of Agreement" every two years promising he will repay me monies owed on a credit card This time around he has not returned the signed contract and it was due on January 23, 2005. I do not know his whereabouts. I can send letters to him thru ex-girlfriend of his or his relatives but they will not disclose any information as to where he lives or his phone number. They pass on messages from me to him but I never get a response from him. I am concerned that if I go to Small Claims I will be turned down because the agreement I have on hand has expired.

However, my friend reasured me verbally once again back in September of 2003 that he would pay back every single penny. I am sure I can establish my case on the verbal agreement but what I do not konw is how much longer do I have before the verbal agreement expires?

I have three signed contracts from previous years that my friend has breached in which he is promising to pay me a handling fee per each month that I have to make a payment for him. Under the contract it is understood that if he fails to make a monthly payment I will make the payment on his behalf in order to avoid having a bad Credit Record against me. Can I still enforce these contracts at all?

Thank you!

Azucanwe
California, USA

You might be able to enforce the contracts but you should do so soon. Be aware of the issues concerning the "statue of frauds" (you can do a search here) since these seem to be contracts that are able to be performed within one year. Contracts that cannot be performed in one year generally require a writing in order to be enforceable although there are exceptions to this that I won't delve into here. Other than that, you can still sue to enforce the written contracts but make sure to file suit before the statute of limitations runs out in your state. At least this way you have made sure the claim is "live" and valid and that you can renegotiate any term -- in writing -- later.