Investor who is my friend is giving money in our company’s partnership
4 months ago
investor who is my friend is giving money in our company’s partnership account worth rs 15lacs. has given me 15lacs rs. Aa we have mutually decided he is the partner in particular one cafe and he is 25% stake but cafe is not getting in profit and investor want his money back what can we do we dont have agreement.
A.Dear Client,
In the absence of any written agreement with the investor, who was made partner having 25% stake in the business, it may be a very difficult task for both of you to resolve the matter amicably. and legally. Reach out to an Advocate for guidance and steps.
In the absence of any written agreement with the investor, who was made partner having 25% stake in the business, it may be a very difficult task for both of you to resolve the matter amicably. and legally. Reach out to an Advocate for guidance and steps.
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A.Dear Client,
An Oral Agreement has the legal validity same as a Written Contract given it fulfills the conditions mentioned under section 10 of the Indian Contract Act. Section 10 states that: "All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. —All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void."
Herein the friend of yours invested the money with the intent to make a contractual relation with you and he did the same with free consent so he will be obliged to follow the terms.
Thank You
An Oral Agreement has the legal validity same as a Written Contract given it fulfills the conditions mentioned under section 10 of the Indian Contract Act. Section 10 states that: "All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. —All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void."
Herein the friend of yours invested the money with the intent to make a contractual relation with you and he did the same with free consent so he will be obliged to follow the terms.
Thank You
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