01-11-2013, 04:54 AM
Chakravartin wrote:
[quote=space-time]
let's say the sum is more than 10k but below 100k
Surely, you don't need us to tell you that you need a lawyer to draft the loan documents.
There are certain people I'd lend $10k to solely based on their word; their credibility is that good with me that I wouldn't care about a promissory note. Not coincidentally, these are the people who usually insist on putting it down in writing. Then there is the remaining 99.9% of the people who I wouldn't give $100 to even if I had the best contracts lawyer draft up a "ironclad" agreement that was notarized by the supreme court. If the guy doesn't pay the money back either because he's incapable or unwilling, you really can't do much other than sue him anyway. It all comes down to whether you trust the guy or not. Hiring a lawyer isn't going to help you figure that out.