Lexington, KY asked in Business Formation and Contracts for Kentucky

Q: Business agreement question

I loaned a used car dealer in KY 100k for a 2 yr investment. He is supposed to pay me 40% of the profit he makes with my money every 3 mo. Agreement is a 1-page document that has been signed by both parties and notarized by a public notary. Agreement states that "dealer should give me my 100k back after the contract expires in 3/2020 unless both parties agree to renew the contract". Agreement didn't specify length of time dealer is supposed to pay me back my 100k. Can he procrastinate payment over as long as he wants? What can I do to ensure timely return of my money? Thnx.

Related Topics:
1 Lawyer Answer
Timothy Denison
Timothy Denison
Answered
  • Louisville, KY
  • Licensed in Kentucky

A: If you don’t renew in 2020, send him a demand letter for the 100k. If he doesn’t pay, you may have to file suit to collect your loan.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.