Verbal Agreement

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Isabel6479

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Country: United States of America
State: New Mexico and Texas

I live in New Mexico. On March 9, 2007, I entered into a verbal agreement with a friend who lives in Texas to go in to business together buying and selling vehicles. We were supposed to mutually invest around $20,000 each. Eventually the business would grow and we would get a dealers license and incorporate. He was buying and selling the vehicles (in Texas) while I posted the listings on eBay and Auto Trader, handled customer service and e-mail, and was designing a web site for the business (in New Mexico). At this time he is holding clear titles for at least four remaining vehicles. The agreement was verbal, however, I do have copies of the canceled checks written to him for some of the money, receipts for his airfare to pick up some of the vehicles and other various travel expenses. The verbal agreement was that if I wanted out of the business at any time, he would liquidate and buy me out. After I have invested almost $20,000, and he to date has not invested a dime, we mutually agreed on May 11, 2007, to dissolve the business. As of today, May 15, 2007, he is not responding to my phone calls and has sent me an e-mail telling me not to call him or e-mail him. I am at a loss as to what to do about getting my money back. Do I have any legal recourse?
 
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